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Second Charge Mortgages for Expats & Foreign Nationals
Liquid Expat Mortgages can help you secure a second charge mortgage loan in the UK.
What is a Second Charge Mortgage?
A second charge mortgage, sometimes called a secured loan, can be a good option if you’d like to borrow money while leaving your current mortgage in place. The new loan is secured on your property and is available for many different purposes. It can allow you to avoid the costs associated with a remortgage.
Frequently Asked Questions
Why take out a second mortgage?
There are several reasons why a second charge mortgage might be worth considering:
- if you’re struggling to get some form of unsecured borrowing, such as a personal loan, perhaps because you’re self-employed
- if your credit rating has gone down since taking out your first mortgage, remortgaging could mean you end up paying more interest on your entire mortgage. A second mortgage means extra interest just on the new amount you want to borrow
- if your mortgage has a high early repayment charge, it might be cheaper for you to take out a second charge mortgage rather than to remortgage.
What can I use a second charge mortgage for?
You can take out a second charge mortgage for all sorts of purposes. Some of the most common include;
- Home improvements
- Consolidate debts into one monthly payment
- Business purposes (excluding start ups)
- Deposit for additional property purchase (e.g. Buy-to-let or holiday home)
- Payment of a tax bill
- Wedding
- Car purchase (maximum term is 5 years)
- School fees
- Transfer of equity
- Lease extension
Can I obtain a second mortgage?
You’re only eligible for a second mortgage if you’re already a homeowner. That said, you do not necessarily need to live in the property.
As FCA regulated brokers, Liquid Expat Mortgages are able to comply with stricter rules and as such are able to ensure the recommended and regulated guidance points such as affordability checks and ‘stress testing’ the borrower’s financial circumstances as an applicant for a main or first charge residential mortgage.
In effect Liquid Expat Mortgages will ensure that as a matter of standard practice mortgage advice is always offered in order to determine and identify affordable lending.
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How much can I borrow on a second mortgage?
A second charge mortgage allows you to use any equity you have in your home as security against another loan and whilst it means you will have two mortgages on your property, it allows you to free up any equity you have in the property to use elsewhere.
So if you have a home worth £350,000 and you have £185,000 left to pay on your mortgage, you have £165,000 in equity. Liquid Expat Mortgages can help you secure a second charge mortgage loan in the United Kingdom.
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What if I want to move or sell my house?
If you sell your home, you will need to pay off your second charge mortgage or transfer it to a new mortgage.
Get a quoteA second charge mortgage might be cheaper than getting a remortgage
A couple living and working in Dubai had held a mortgage of £237,000 for the last 10 years on capital and interest on a home in the United Kingdom. They bought their home for £295,00.00 and had managed to pay down the capital by £90,000.00. Since buying their property the value had risen by £95,000 and they now wanted to borrow £125,000 to purchase a second home for investment purposes.
At the time they wanted to remortgage, but a chat with Liquid Expat Mortgages allowed them to understand they were perhaps better suited to a second charge mortgage.
The couple eventually settled on a second charge mortgage which allowed them to make their secondary purchase quickly and did not have any repayment penalties, unlike some of the remortgage products they’d previously looked at elsewhere.
Join the thousands of expats already using Liquid Expat
The level of service we provide to our customers at Liquid Expat Mortgages is really important and we’re always delighted to receive positive feedback. Here’s what some of our clients have said about us recently.
❝ We would like to commend the excellent support we received from Liquid Expat in our recent recent buy-to-let mortgage application, which proceeded faster than we could have hoped. Thank you so much. ❞
❝ I just wanted to drop you a note to express my thanks for the work Liquid Expat has done in helping me secure a formal mortgage offer for a residential property in Scotland, which is due to complete later this week. ❞
❝ Thanks for your great work. Very much appreciated. I can honestly say that it’s been good working with you and your team, you’ve made the difficult process very smooth. ❞
We’ll save you time and stress when applying
Our large team of Mortgage Consultants are super-qualified, experienced and friendly. Trained to the highest standard, they’ll take care of all the hard work and support you throughout the whole process.
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DISCLAIMER: Liquid Expat and Liquid Expat Mortgages are the trading styles of Liquid Complete Limited. Liquid Complete Limited is authorised and regulated by the Financial Conduct Authority (FCA), FCA Firm Reference Number 685425, and Company Registration Number 09438556. Registered Office: Pheonix House, 2 Huddersfield Road, Stalybridge, SK15 2QA. The content of the articles on this site and any emails provided to you are for informational and illustrative purposes only and are not intended as financial, legal, or tax advice.
Liquid Expat Mortgages is authorised and regulated by the Financial Conduct Authority (FCA) to provide mortgage and protection advice. The FCA does not regulate certain investment mortgage contracts, and any views expressed herein may include unconventional or contrarian perspectives that do not necessarily reflect standard industry practices or regulatory guidance. Your home or property may be repossessed if you fail to keep up repayments on a mortgage or any other debt secured against it. We are not authorised to provide financial, legal or tax advice, and we strongly recommend consulting a qualified professional for personalised guidance tailored to your circumstances before making any financial decisions.
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