| Property | Four-bedroom detached house |
|---|---|
| Location | Dore, Sheffield |
| Client | Self-employed electrician, 12 years trading |
| Product | Second charge mortgages |
The challenge
The client needed funds to buy vans and take on staff. His main mortgage was on a low fixed rate he wanted to keep, and unsecured business borrowing was limited.
What we did
We compared business finance options with a second charge mortgage, setting out the cost and risks of each. As he chose to proceed, we found a second charge lender that accepted his self-employed income. We made clear that securing business borrowing on his home puts the home at risk if the business struggles.
The outcome
The second charge completed at 55% combined loan to value, with his main mortgage left in place.
Second charge mortgagesBorrow against your home's equity without changing your existing mortgage deal.
Learn moreImportant: A second charge mortgage is secured against your home. Think carefully before securing other debts against your home; your home may be repossessed if you do not keep up repayments.