Second Charge Mortgages

When you contact us, we’ll arrange an appointment between you and one of our advisers – this can be over the phone or face to face. Your adviser will ask you some questions and, once they have all the right information, they’ll go away and find you the best second charge option for your current and future needs. They’ll then organise a follow up appointment to tell you about their recommendation.

After your adviser has presented you with their recommendation and you’re happy to proceed, they’ll work on securing your DIP (Decision in Principle). Your DIP is a promise from the lender that they’ll loan you the money on the condition that the information you’ve provided is correct and subject to a valuation on the property.

Once the lender secures your DIP, we’ll start to prepare your mortgage application. We’ll send you a pack that explains all the different documents the lender needs. You’ll be assigned a client relationship manager who’ll go through your documents and get everything ready for submission. Your adviser will then submit your full mortgage application.

The lender carries out a process called “underwriting” where they check all the information and documents you’ve provided in your application. They’ll also instruct a valuation for their purposes on the property to make sure there are no significant problems with it. Sometimes a lender will only instruct a desktop valuation for a second charge – rather than a physical valuation – as your property would have likely had a valuation and internal inspection when you took out your first mortgage.

Following a successful underwriting process and valuation, the lender will accept your application and send you a mortgage offer. They’ll also send a copy to us.

Finally, after you’ve signed all the paperwork, your lender will arrange a date with you to drawdown the new money. This is called completion.