Second charge mortgage (secured loan)

**kaiser78** · 10 March 2016, 13:29

We got a second home mortgage with Santander, so give them a try.

**northernladuk** · 10 March 2016, 14:11

The broker isn't your problem is it? It's whether the lenders want to know. It's been too long coming before some of the banks got their head around basic mortgages for contractors let alone more complex products.

I've used Freelancer Financials for a range of different mortgages and I know John works very closely with the lenders so I'd say that's your first port of call.

**Support Monkey** · 10 March 2016, 14:26

I was just looking to re-mortgage and my best option appears to be through MetroBank who I had never heard of.

so whilst checking them out I came across this line

"Contract Workers Assisted – any type not just IT".

maybe the times they are a changing

**Emma Power Mortgages** · 10 March 2016, 15:45

Originally posted by captquo View Post

Hi,

I secured a first mortgage using a specialist broker who deals with contractors. I am having trouble finding a broker who deals with second charge mortgages and contractor income. Can anyone recommend a broker please?

Have you approached your existing lender for extra borrowing? If you don't have any early repayment charges then it may be worth remortgaging the whole loan to another lender incorporating the extra amount these are often the most cost effective options as the rates are much better

As yet I am not aware of anyone who assesses contractor income in the way we can with the first charge. It is not my speciality though so that doesn't mean it doesn't exist just that we have not come across it here

**Fred Bloggs** · 10 March 2016, 16:21

I suspect that even with early repayment charges, a remortgage might be the best option. Need to do the sums on it.

**captquo** · 12 March 2016, 11:24

Originally posted by Fred Bloggs View Post

I suspect that even with early repayment charges, a remortgage might be the best option. Need to do the sums on it.

A second charge is the better option to avoid early repayment and busting 1st lender LTV requirements.

I agree it's the lenders who are the root for product availability for contractors but a lot of second charge lenders are broker route only...

Thanks all for replies

Second charge mortgage (secured loan)