Compare second charge contractor mortgage rates with Deal Direct.
Your situation is that you already have a contractor mortgage but you want to raise more funds using your home as security. How can this be achieved?
Raising finance with an existing property can be done with a second charge mortgage.
A second charge means that you don’t have to remortgage. This could be useful if you are still in the early stages of the term of your current deal and may be faced with hefty early repayment charges by switching. A second charge means that the terms of your current mortgage can be left undisturbed but you may still raise additional funds.
If you are a contractor, to apply for this type of loan, the value of your property and the equity in it will be factored into the second charge application. A major requirement you will need to satisfy is proof of income. Lenders will either require your latest accounts or an SA302 from HMRC. The exact documentation will vary depending on the lender, however, after making an enquiry with Deal Direct, your dedicated advisor will help you fully get to grips with all the details.
A second charge mortgage may not be suitable for everyone seeking to raise additional finance against their home. To find out what your next step would be as well as the mortgage options available, speak to the experts and contact Deal Direct.