A second charge mortgage, also known as a secured loan, is a loan secured against your property in addition to your existing mortgage. It allows you to borrow money while keeping your original mortgage in place.

This type of lending can be a cost-effective option for homeowners who:

• Have a low rate on their existing mortgage and don’t want to lose it.
• Have early repayment charges on their main mortgage.
• Need to borrow a larger amount but have insufficient unsecured borrowing capacity.

Second charge mortgages can also sometimes have arrangement fees and charges, and so it’s helpful to understand all aspects before you make a final decision. Watts Mortgage & Wealth Management Ltd are here to guide you through your options and make recommendations based on your individual circumstances, so you can feel confident about the next step. We have years of experience in wider financial planning, helping you to gain insights into the best course of action.

The team at Watts are here to make sure you undertake any decision carefully when it comes to secured lending, and that you understand the terms of the loan and what it means. Our qualified advisers can explain to you in detail how secured loans are calculated, the lender’s requirements and how the legal process works.

Getting independent advice such as this can be crucial when making a financial decision such as a taking out a loan, especially one that is secured against your property. Second charge mortgages, also know as secured loans can have lower interest rates than personal loans which may be helpful to your situation, but in some cases the rates can be variable which might result in your repayments increasing.

Secured loans can also sometimes have arrangement fees and charges, and so it’s helpful to understand all aspects before you make a final decision. Watts Mortgage & Wealth Management Ltd are here to guide you through your options and make recommendations based on your individual circumstances, so you can feel confident about the next step. We have years of experience in wider financial planning, helping you to gain insights into the best course of action.

As a whole-of-market broker, we’re not tied to any single lender. This means we can access a wider range of deals than many banks or building societies offer directly.

With Watts, you’ll benefit from:

• Independent mortgage advice tailored to your needs
• Access to exclusive rates not available on the high street
• Transparent fee structure and honest recommendations
• Nationwide and local expertise
• Stress-free application support from start to finish
• A multi-award-winning mortgage and life insurance business, set up by the Watts family over 35 years ago.

Speak to one of our experienced mortgage advisers today. We offer a free initial consultation and access to the whole of the mortgage market, including second charge lenders.

1. Assess your equity
   The more equity you have in your property, the more borrowing potential you unlock. Get a recent valuation to know where you stand.
2. Compare total costs
   Don’t focus only on the interest rate. Look at the total cost of borrowing, including fees, term, and monthly repayments.
3. Consider future plans
   Are you likely to move soon? Will your financial situation change? A second charge loan is a medium-to-long-term commitment.
4. Use a specialist broker
   At Watts Mortgage and Wealth Management Ltd, we access specialist lenders who often provide more flexible terms than high street banks.