Equifinance Loans
  • Flexible options for varying needs
  • Supports customers with unique employment situations
  • Flexible repayment terms
  • Good credit required for low rates
  • Funding on the same day is not an option
  • Broker fees can apply


Let's cut to the chase: navigating the financial world is like walking a tightrope. One wrong step, and your budget’s out of balance. Equifinance, based in London, swoops in with second-charge mortgages that offer stability, access to equity, and the flexibility to tackle debt consolidation, significant purchases, and more. Here’s how they do it.


Equifinance’s Solution: Second-Charge Mortgages

Equifinance knows how to handle second-charge mortgages like a pro. Whether you’re in England, Scotland, or Wales, their experienced underwriters give you access to your property’s equity without all the cookie-cutter nonsense. They manually review every application to provide a personalized lending solution that aligns with your unique credit history and employment situation. 

You need clarity and straightforward terms? They’ve got your back. So when it’s time to leverage your home equity, Equifinance makes the process feel effortless.


Customized Lending for Your Needs

These aren't typical loans. Equifinance offers four main types:

  1. Standard Secured Loan: Need a secured loan up to £150,000 at an 11.1% APRC? This one's got you covered with a 65% maximum LTV ratio.
  2. Prime: If your credit score is solid, the Prime loan will give you a higher 80% LTV ratio with a starting APRC of 11.3%.
  3. Premier: Borrow up to £150,000 with a 75% LTV ratio and an 11.3% APRC.
  4. Adverse Secured Loan: Struggling with a tricky credit history? The Adverse Secured Loan has your back, offering a 75% LTV ratio at 11.6% APRC.


What Is LTV? 

LTV (Loan-to-Value) is the ratio of the loan amount to the property's value, expressed as a percentage. For instance, if you borrow £100,000 for a house worth £200,000, the LTV is 50%. A lower LTV often means better loan terms, while a higher LTV may lead to stricter conditions due to the lender's increased risk.


Managing Secured Loan Rates: Variable vs. Fixed

Interest rates can make or break your finances. That’s why Equifinance offers both variable and fixed rates. Variable interest rates fluctuate with market conditions, while fixed interest rates remain steady, providing predictability.


How to Pick the Right Second-Charge Mortgage

Don’t leave your finances to guesswork. Picking the right second-charge mortgage means knowing what you need and how you’ll use it. Here’s a no-nonsense guide:

  • Get Clear on Your Goal: Debt consolidation, home renovation loan, or a major purchase loan? Different loans mean different terms, so knowing what you’re after is crucial.
  • Know Your Credit Score: Your credit score isn’t just a number—it’s the gatekeeper to favorable secured loan rates. A strong score unlocks better deals.
  • Understand Your LTV Ratio: LTV (loan-to-value) ratio measures how much equity you’re playing with. Don’t overextend yourself; keep your LTV manageable.
  • Interest Rates Matter: Fixed rates guarantee stability, while variable interest rates are a gamble. Choose wisely so your repayments don’t crush your cash flow.
  • Terms and Conditions: A smooth-talking pitch means nothing if you can’t pay up. Make sure your repayment terms fit your financial reality, and don't get tripped up by hidden fees.

By evaluating these criteria, you can work with Equifinance and your intermediary to find a second-charge mortgage tailored to your financial circumstances.


Meeting the Eligibility Requirements

Getting a second-charge mortgage with Equifinance requires meeting some basic criteria:

  • Age: Be 21 or older, with the loan ending before you turn 80.
  • Property Ownership: Own a residential property suitable for a second-charge mortgage in England, Scotland, or Wales.
  • Authorized Intermediary: Work with an authorized intermediary to submit your application.


Application Process in a Nutshell

Here’s how the application works:

  1. Initial Consultation: Your intermediary checks your financial health.
  2. Documentation: Provide your income verification, property info, and personal details.
  3. Valuation: Equifinance arranges an automated property valuation to confirm your LTV ratio.
  4. Review: The underwriters evaluate everything personally.
  5. Offer: If approved, you'll receive a binding mortgage offer.


Avoiding Unacceptable Uses

Equifinance’s second-charge mortgages aren’t for:

  • Matrimonial settlements
  • Bridging loans
  • Speculative investments


Final Thoughts: Why Equifinance?

In the crowded world of financial solutions, Equifinance stands out with personalized lending and transparency. They offer clarity on fees, provide a comprehensive tariff of fees and charges, and ensure borrowers know their loan broker portal. Their lending approach makes second-charge mortgages a viable option for accessing equity, handling debt consolidation financing, and securing the funds you need.

Note: Stay updated with the latest terms directly through Equifinance’s website.

Frequently asked questions

What is a second-charge mortgage?

A second-charge mortgage is a secured loan that uses your property as collateral, sitting behind the primary mortgage, and allows you to tap into your equity.

What does LTV mean in second-charge mortgages?

LTV (Loan-to-Value) is a ratio comparing the loan amount to the property's current value. A higher LTV means increased risk for the lender.

What documentation is needed for a second-charge mortgage application?

Typically, you'll need income verification, property details, and personal identification.

How does Equifinance personalize second-charge mortgages?

Equifinance manually reviews each application, tailoring loan terms to the applicant's credit history, employment situation, and equity.

Is a second-charge mortgage suitable for debt consolidation?

Yes, a second-charge mortgage can be used for debt consolidation, as it allows you to access equity for this purpose.

How long does the second-charge mortgage application process take?

The process duration varies but typically takes several weeks, depending on documentation and property valuation.