Directly authorised by the FCA · FRN 944663Moneyfacts Buy-to-Let Mortgage Broker of the Year 2023
Our Mortgage Broker
Case study · Second charge mortgages

£75,000 second charge in Sheffield to fund a sole trader's van fleet

Illustrative example based on the type of case we arrange, not a specific client.

Loan£75,000
Value£420,000
LTV55% (combined)
TimingOffer in 4 weeks
Case details
PropertyFour-bedroom detached house
LocationDore, Sheffield
ClientSelf-employed electrician, 12 years trading
ProductSecond 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 more

Important: 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.

Similar cases

Talk to a specialist: it costs nothing to ask

Book a free 15-minute call with an adviser. We'll tell you honestly what's possible, which lenders fit, and what it will cost.