Equity release companies that allow a second charge
Unfortunately there are not any listed equity release companies that will consent to a second charge being registered on your property. Usually the reason for this is the equity between how much you have borrowed and the property value forms a safety net and the means to repay the existing debt in the future.
If you are over a certain age, it is not unreasonable to expect you to live for the term and with an addition requirement to raise additional funds, it’s understandable why Equity Release lenders would not allow a second charge or lend you more at this stage.
Alternative ways to raise money on your property
Depending on your earned / retirement income it may be possible to arrange an ordinary mortgage to repay your existing debt and early repayment charges.
You could benefit from speaking to one of our independent mortgage advisers. Please call 0203 868 9133 to speak to an adviser about this further, and feel free to read our borrowing into retirement guide.
