Second Charge Rates

A cost-effective way of raising capital.

Last updated 30/01/2020

Residential Rates

Lender Initial Rate Until Max LTV Arrangement Fee Redemption Penalty Reversion Rate
Optimum
 2.99% 1 year discount 75% £595 None on application
Paragon
 3.90% Variable 70% £745 None 3.90%
Precise
 4.25% 2 year fixed 65% £300 3%/2% 4.75%
Precise
 4.90% 5 Year fixed 70% £300 3%/3%/2%/2%/1% 4.75%
UTB
 4.95% 5 year fixed 60% £495 None 3.40%
Shawbrook
 6.40% 3 year fixed 80% £300 None 5.90%
 Initial Rate  2.99%
 Until  1 year discount
 Max LTV  75%
 Arrangement Fee  £595
 Redemption Penalty  None
 Reversion Rate  3.65%
  Quote
 Initial Rate  3.90%
 Until  Variable
 Max LTV  70%
 Arrangement Fee  £745
 Redemption Penalty  None
 Reversion Rate 3.90%
  Quote
 Initial Rate  4.25%
 Until  2 year fixed
 Max LTV  65%
 Arrangement Fee  £300
 Redemption Penalty  3%/2%
 Reversion Rate  4.75%
  Quote
 Initial Rate  4.90%
 Until  5 Year Fixed
 Max LTV  70%
 Arrangement Fee  £300
 Redemption Penalty  3%/3%/2%/2%/1%
 Reversion Rate  4.75%
  Quote
 Initial Rate  4.95%
 Until  5 year fixed
 Max LTV  60%
 Arrangement Fee  £495
 Redemption Penalty  None
 Reversion Rate  3.40%
  Quote
 Initial Rate 6.40%
 Until  3 year fixed
 Max LTV  80%
 Arrangement Fee  £300
 Redemption Penalty  None
 Reversion Rate  5.90%
  Quote

Buy to Let Rates

Lender Initial Rate Until Max LTV Arrangement Fee Redemption Penalty Rental Cover
Masthaven
 4.58% 2 year discount 65% 1.5% 2%/1% Dependent on terms
Precise
 6.00% 5 year fixed 65% £495 3%/3%/2%/2%/1% 125 @ 6.00%
Together
 6.49% Variable 75% 2.5% 4%/4%/3%/2%/1% 125% @ 6.49%
 Initial Rate  4.58%
 Until  2 year discount
 Max LTV  65%
 Arrangement Fee  1.5%
 Redemption Penalty 2%/1%
 Rental Cover Dependent on terms
  Quote
 Initial Rate  6.00%
 Until  5 year fixed
 Max LTV  60%
 Arrangement Fee  £495
 Redemption Penalty  3%/3%/2%/2%/1%
 Rental Cover  125% @ 6.00%
  Quote
 Initial Rate  6.49%
 Until Variable
 Max LTV  75%
 Arrangement Fee  2.5%
 Redemption Penalty 4%/4%/3%/2%/1%
 Rental Cover 125% @ 6.49%
  Quote

Use your equity

Second charge mortgages (or secured loans) are secured against your existing property and allow you to use your equity to raise finance.

Different lenders have different criteria, but second mortgages can be a cost-effective way of raising capital for a variety of different purposes, e.g. tax bills, home improvements, school/university tuition, business investment, debt consolidation, luxury purchases.

Why consider a second charge mortgage?

  • To capital raise from existing investment properties;
  • In order to keep a competitive rate on your first charge mortgage;
  • To avoid high ERCs on a current mortgage;
  • If your credit status has changed;
  • When funds are needed quickly;
  • Maybe a remortgage or further advance has been declined;
  • If you are stuck in debt management.

The Buy to Let Business can help you find the best product for your circumstances. Above are just a few of our current rates.

We're here to help.

Unsure of what kind of buy to let mortgage you're looking for? Professional mortgage advice is more important than ever. Call us. We're looking forward to hearing from you!

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