How to Apply for a Second Mortgage Online? Guide
Representative example: If you borrow £34,000 over 15 years at a rate of 8.26% variable, you will pay 180 instalments of £370.70 per month and a total amount payable of £66,726.00. This includes the net loan, interest of £28,531.00, a broker fee of £3,400 and a lender fee of £795. The overall cost for comparison is 10.8% APRC variable. Typical 10.8% APRC variable
Representative example: If you borrow £34,000 over 15 years at a rate of 8.26% variable, you will pay 180 instalments of £370.70 per month and a total amount payable of £66,726.00. This includes the net loan, interest of £28,531.00, a broker fee of £3,400 and a lender fee of £795. The overall cost for comparison is 10.8% APRC variable. Typical 10.8% APRC variable
Are you interested in a second mortgage and want to know how to apply for it online? You’ve come to the right place.
Every month, more than 6,900 people visit our website seeking advice on secured loans. We have the expertise to guide you through the process of applying for a second mortgage online.
In this easy-to-read guide, we’ll cover:
- The basics of a second charge mortgage.
- How you can apply for a second mortgage online.
- The pros and cons of having two mortgages.
- Understanding the cost of a second charge mortgage.
- How to avoid a bad second charge mortgage.
It’s normal to have concerns about taking out a second mortgage. But we’re here to give you clear, simple advice and help you to understand your options.
How do I get a second charge mortgage?
Getting a second charge mortgage is possible from banks, building societies and specialist mortgage lenders.
Some experts consider a home equity loan or home equity line of credit (HELOC) as types of second mortgages; these financial products also let you borrow against your home equity. You may want to search for home equity loans and HELOCs as part of your second mortgage search.
Can you have two mortgages with two different lenders?
If you want a second charge mortgage, you can use the same lender that provided your first mortgage or you could look for a second mortgage from another lender.
You should take the time to search the whole of the market to find the more suitable and advantageous deals for you. If you’re confused and worried, you may want to consider mortgage advice services that search the market on your behalf. Try to use a “whole of the market” adviser so you don’t miss out on better deals.
» TAKE ACTION NOW: Compare deals from the UK’s leading lenders
Can I apply for a second mortgage online?
Some people prefer to speak with their chosen bank or building society in person, while others enjoy the convenience of applying for a second mortgage online, which is possible. You can often find home equity loans and home equity lines of credit online.
You can lodge your application online, but you might have to show your lender documentation in person by visiting a branch. The exact process will depend on the lender, how they work and your preferences.
Only use legitimate lenders that are authorised and regulated by the Financial Conduct Authority.
Lender |
APRC |
Monthly payment |
Total amount repayable |
|---|---|---|---|
| United Trust Bank Ltd | 5.99% |
£218.73 |
£26,247.92 |
| Pepper Money | 6.86% |
£220.24 |
£26,429.17 |
| Together | 6.95% |
£220.40 |
£26,447.92 |
| Selina | 7.5% |
£221.35 |
£26,562.50 |
| Equifinance | 7.7% |
£221.70 |
£26,604.17 |
| Spring | 10.5% |
£226.56 |
£27,187.50 |
| Loan Logics | 11.2% |
£227.78 |
£27,333.33 |
| Evolution | 11.28% |
£227.92 |
£27,350.00 |
Representative example: If you borrow £34,000 over 15 years at a rate of 8.26% variable, you will pay 180 instalments of £370.70 per month and a total amount payable of £66,726.00. This includes the net loan, interest of £28,531.00, a broker fee of £3,400 and a lender fee of £795. The overall cost for comparison is 10.8% APRC variable. Typical 10.8% APRC variable.
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How to apply for a second mortgage online
Before you apply for a second mortgage online, you need to find the mortgage deal you want to apply for. You can do this yourself by taking the time to search your options and use generic repayment calculators.
Once you’ve found the mortgage you want. The application process will include various forms to complete on the lender’s website. You should prepare yourself by gathering lots of financial information, not limited to payslips, your employment contract and information about your first charge mortgage. Each lender’s online application system may differ.
Or you can use the services of a professional mortgage advisor. The latter will likely handle the application process on your behalf, either online or not.
What is the downside of a second mortgage?
The main downside of a second mortgage is that your home is at risk. If you fail to repay the second mortgage repayments then the lender can repossess the property and sell it. Any money would need to pay the first charge mortgage lender first and then the second mortgage lender.
The homeowner would receive any money leftover – if any.
Second charge mortgage for all purposes
- Stuck paying high interest on credit card debts & loans?
- Looking to fund a home improvement project?
- Dreaming of finally taking the once-in-a-lifetime trip?
Polly
“This was by far possibly one of the nicest experiences I’ve had getting a secured loan.”
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Can I get a second mortgage to buy another house?
Some people prefer to take out a second first charge mortgage to buy another property. But it is possible to take out a second charge mortgage on a property you have already bought to buy another house.
The loan amount you receive from the second charge mortgage could contribute to buying another home. This is quite common as some people often release equity so they can buy holiday homes or investment properties.
The more home equity you have built up, the better chance that this is possible.
