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Second Charge Loans

Specialist whole-of-market lending solutions structured across 90+ UK lenders. Rapid decisions, direct underwriting criteria, and competitive terms for complex borrowing requirements.

Whole-of-Market Access: Over 10,000 specialist lending products
Fast Completion Speeds: Dedicated broker underwriting for time-sensitive deals
FCA-Authorised Guidance: 35+ years independent UK credit brokerage

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Second Charge Loans

Promise was fortunate to be one of the first Brokers to offer second charge loans from Masthaven when it launched towards the end of last year. Since then Masthaven has got comfortable with the second charge market, other lenders have repositioned their products and Masthaven is now launching this product revision which in simple terms means more competitive rates and higher LTV’s.

This is good news for brokers and their clients and you will undoubtedly see Masthaven appear more often at the top of the sourcing table. The key points for Masthaven are:

Lower rates than others at higher LTV’s with mild unsecured adverse
Will accept large adverse units over 3 years old which would previously attract much higher rates with other lenders
Self employed applicants can provide bank statements to prove income but without additional 6 X income multiple restriction
Ex council and lower value property considered up to 75% where as others normally cap at 65%
Applications are not scored so can get flexibility in the underwriting
Second charge BTL loans available to 70% LTV – others max out at 65%
Will also offer interest only on BTL’s from £5000 whereas Blemain start at £25000
Same underwriting rules for employed and self employed. Some lenders apply harsher LTV and Income requirements for self employed

Key Criteria & Application Guidance

IMPORTANT

Alongside Shawbrook, Masthaven is also getting more comfortable looking at cases which fall outside criteria. If you have a case which you feel has merit, talk to us about it. Our lenders are willing to look at sensible exceptions if they make sense.

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Whole-of-Market Guidance for Second Charge Loan Options

Securing competitive terms on second charge loan options requires expert underwriting knowledge. In addition, our specialist broker team works directly with over 90 specialist lenders across the UK.

Consequently, reviewing your second charge loan options options with an FCA-authorised specialist credit broker ensures whole-of-market access while avoiding unnecessary fees and delays.

Specialist Underwriting & Whole-of-Market Access

Because specialist lending facilities require bespoke underwriting, comparing lenders across the UK is essential. Explore our complete guide to Specialist Lending Desk to understand how different lending criteria apply to your requirements.

Promise Money is an independent credit broker authorised and regulated by the Financial Conduct Authority (FRN 681423). Our experienced team reviews your specific circumstances to secure optimal terms across 90+ UK lenders.

Explore Secured Homeowner Loans →

Key Takeaways: Second Charge Loan Options Checklist

Additionally, property valuations can often be expedited using automated models, significantly reducing upfront costs and surveyor delays.

Furthermore, specialist secured loan lenders assess affordability using total household income and realistic expenditure assessments.

Consequently, homeowners can secure substantial borrowing amounts even with historic credit blips or non-standard employment income.

Therefore, working with Promise Money ensures you compare optimal rates and terms across 90+ UK specialist lenders.

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