A second charge bridging loan is a short-term lending product which is secured against a property that already has a mortgage outstanding. If you’re looking to raise funds to do a loft conversion, extension, or other improvements to your property and already have a mortgage outstanding, a second charge bridging loan would enable you to raise the required funds. As your main mortgage is not being repaid, the early repayment charges would not be paid, making a significant saving.
Once the works are complete, a refinance onto a secured loan would be possible, moving the debt to a lower interest rate. The secured loan may well not be possible initially as when heavy works are being undertaken on a property, many lenders are unwilling to lend.
You can also get a third charge loan which works very similarly to the second charge loan.
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