Second Charge Mortgages for Expats
Sometimes remortgaging isn’t the right answer, even when you need to raise money against a UK property. If your existing mortgage sits on a genuinely good rate you don’t want to lose, or the timing simply doesn’t suit a full remortgage, a second charge lets you raise additional finance secured against the property without disturbing the first mortgage at all.
We arrange second charge lending for expat property owners, a specialist corner of the market since both your existing mortgage and your current expat status factor into the assessment.
How a second charge actually works
A second charge is a separate loan, secured against the same property, sitting behind your existing first mortgage in priority. It’s assessed independently – the second charge lender looks at your income, the property’s value, and how much equity sits above your first mortgage, then lends against that headroom.
Common reasons clients raise capital this way
- Funding a further property purchase without touching the existing mortgage
- Home improvements or renovation on the secured property itself
- Consolidating other borrowing under one secured facility
Available on both residential and buy-to-let properties, though the lender pool and rates differ between the two, much as they would for a first charge mortgage. If you’re moving abroad and simply need permission to let out a residential property rather than raising capital, our Consent to Let page covers that instead.
Our fees
£295 application fee, 1% completion fee.
Frequently Asked Questions
Does my first mortgage lender need to approve a second charge?
Usually yes, formal consent from your first charge lender is typically required before a second charge can be arranged.
Will a second charge affect my existing mortgage rate?
No, your first mortgage terms stay exactly as they are – that’s the whole point of this route rather than remortgaging.
How much can I borrow through a second charge?
Depends on the equity available above your existing mortgage and your income – we’ll work through the actual numbers with you.
Is the interest rate higher than a standard mortgage?
Often slightly, reflecting the second-priority position, though this varies by lender and your circumstances.
What happens to the second charge if I sell the property?
Both the first and second charge need to be repaid from the sale proceeds before you receive anything.
Get in touch with details of your existing mortgage and what you’re looking to raise, and we’ll assess whether a second charge is the right fit.
