Contractor mortgage loan criteria relaxed on second charges by OneSaving’s Bank.

It may be dark outside but it’s not all doom and gloom at this time of year in the world of the contractor mortgage. This is especially so if you are considering a remortgage as there are many great deals available.

However, depending on your circumstances, a remortgage may not be suitable for everyone and a second charge mortgage for contractors may be a better fit.  


Before you decide, you really need to know what a second charge mortgage is and Deal Direct can help clarify:

  • A second charge is a second mortgage secured against your property.
  • You already have to own a property to apply, although it may not have to be your primary residence.
  • How much you can borrow depends on the level of equity in the property.

A second charge mortgage may be of interest to you as a contractor for a number of reasons:

  • Early repayment charges on your current mortgage mean it’s cheaper to obtain a second charge.
  • Because of your employment status, obtaining unsecured loans is challenging.
  • Your credit rating has dipped since obtaining the original loan for your home.

If you think a second charge may be of interest to you, OneSaving’s Bank has recently reduced rates across its entire ‘Prime’ range of second charges for contractors. Its enhanced loan criteria means information supplied by your accountant in the form of an income projection will be accepted if one year’s accounts are not available.

However, the underwriting process around affordability is just as rigorous as with your first mortgage and you don’t want to run the risk of rejection. Therefore, before you do anything, obtaining independent advice about the suitability of a second charge contractor mortgage for you is essential.

Talk to Deal Direct today on 0800 048 8828.

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Article published: Tuesday, December 18, 2018
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