Can we get a second charge to buy a new house?

Posted on 7 March 2013 by James

We have just remortgaged our property with Tesco Bank but are now interested in buying a new property which would require us to borrow a further £40k. Tesco won't discuss any additional funds until we have made 6 repayments (we have only made 1). I know it is possiple to port this mortgage. Is it possible to take out a separate mortgage / loan for £40k with a different company?


You could certainly look to take out  a second charge loan on the new property if Tesco can't help you for another 5 months. The second charge market is getting more and more competitive all the time, as increasing numbers of borrowers find that their current lender can't help them with their current needs, and they don't want to have to give up lucrative rates, or pay hefty redemption penalties to move the whole mortgage elsewhere.

If you'd like to see what options there are for you, please let me knwo and I'll arrange for you to talk to one of our consultants.



More than mortgages, talk to me about:
Financial Protection | Investments | Personal and Corporate Pensions | Home Insurance
General Insurance | Valuations | Conveyancing | Wills | Home finders

Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.

We recommend you seek professional advice with regard to any of these topics where appropriate.

You are currently offline. Some pages or content may fail to load.