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Second Charge Loans | Second Legal Charges - MT Finance

second charge loans

A second charge bridging loan could be the ideal solution for those who already have a mortgage secured against their property but require further funds for a short period of time.

Second charge bridging loans can be used for many reasons, such as purchasing an investment property, business expansion, or redevelopment of an existing property, to name but a few.

At MT Finance, we believe a second charge bridging loan is about empowering borrowers to take advantage of time-sensitive opportunities that can make or save them money.

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product features:

  • Rates from 0.75%
  • Loans from £50,000 – £10,000,000
  • Terms from 1-24 months
  • Up to 65% LTV
  • Residential & semi-commercial property
  • Adverse credit, CCJs and arrears accepted
  • Owner occupied residential property for business purpose use
  • No up-front fees, no exit fees, no ERCs
  • No credit scoring

our process

  1. step 1


    You can apply one of three ways. You can either call us to speak to one of the team directly, send your enquiry via email, or fill in our Quick Enquiry form. Alternatively, you can Request a Callback and one of our experts will be in touch with you when convenient.

  2. step 2


    We will review your enquiry and if our criteria matches your requirements, we will review and respond with an Offer in Principle (OIP). We can usually provide you with an OIP within 2 business hours. If you're happy with our offer, simply sign it and email it back to us.

  3. step 3


    We will instruct a RICs surveyor from our panel to value all properties offered as security for the loan – our valuation reports are typically produced within 72 business hours. Whilst we wait for the valuation report, we will need your solicitor’s details.

  4. step 4


    We will send your solicitor our Checklist of Requirements. If the valuation report is acceptable for the loan to proceed as per the terms agreed, we will confirm this to your solicitor and then issue the mortgage deed for your witnessed signature.

  5. step 5


    Once our solicitor is in receipt of all satisfactory replies and supporting documentation, we are ready to go! Within 24 hours of receipt of the report on title, we arrange the transfer of funds to your solicitor to complete the transaction.

we are a leading property finance lender

providing fast, flexible and transparent solutions including:

Bridging Loans

We believe a bridging loan should either make or save a borrower money. Our streamlined process allows us to cut through delays and deliver funds exactly when, and how, they are needed.

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Refurbishment Loans

Our short-term refurbishment loan products are available to property investors, landlords and developers who are looking to upgrade their investment assets with speed and minimum fuss.

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Auction Finance

The main benefit of auction finance is the speed at which funds can be delivered. MT Finance is able to deliver funds in a matter of days and we can approve an application prior to auction.

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Property Conversion

Our heavy refurbishment product is designed to help property investors and developers fund a renovation with speed. We can also provide funding in stages to keep the costs down.

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Second Charges

A second charge bridging loan could be the ideal solution for those who already have a mortgage secured against their property but require further funds for a short period of time.

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Property Purchase

A short-term loan from MT Finance is an effective means of raising funds quickly, enabling landlords and property investors to take advantage of investment opportunities in the buy-to-let market.

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Business Funding

Whether funds are needed to acquire stock, provide additional capital to stimulate growth, or to facilitate a new venture, MT Finance is committed to providing liquidity to the SME sector.

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Urgent Transactions

We can make lending decisions within hours of initial enquiry and release funds in less than a week, preventing borrowers from missing out on time-sensitive opportunities that come their way.

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A second charge loan is a loan for those who already have a mortgage secured against their property but require further funds for a short period of time.

It is often referred to as a ‘second charge’ because it becomes the second priority to your main mortgage, which is known as your ‘first charge.’

Second legal charges are a common way to raise extra money based on equity that you have built up in the property.

Landlords and business owners may use second charges as an alternative to remortgaging if the rates are not very favourable, they have adverse credit or have been denied elsewhere due to being self-employed.

  • Property based in England or Wales
  • Employed or self-employed
  • Must have equity in the property
  • Subject to valuation of property
  • Must be up-to-date with mortgage repayments

Second legal charges are used by individuals and businesses to raise extra finance.

For instance, a landlord could take out a second mortgage against a property he owns in order to free up some cash, carry out building improvements or finance an extension to the building.

For business owners, a second mortgage could be used to access funds for hiring new staff, purchasing new stock or investing in marketing.

MT Finance offers up to 65% LTV of the property’s value, based on how much equity you have in the property and other factors such as the property’s value and your affordability.

The amount you can borrow is typically a little less than the first mortgage. This is because the second charge is now the ‘second priority’ when it comes to making repayments on the property each month.

The combined debt on your existing mortgage and the second-charge cannot be above the stated maximum LTV.

Second charges can be an effective way to raise money, but it is also noted that you are adding more debt to your property and this could be at risk of repossession if you do not keep up with repayments.