Keeping an existing mortgage
It may be worth comparing where repaying the current mortgage would trigger a charge. The combined cost still needs to be assessed.
Second-charge mortgages
Talk to Steven about raising money against your home, the alternatives and the next step for your circumstances.
30-minute initial phone call · No initial cost · No obligation
Your home may be repossessed if you do not keep up repayments on your mortgage.
When it may be considered
MOVA starts with why you need the money and how the whole borrowing arrangement would work.
It may be worth comparing where repaying the current mortgage would trigger a charge. The combined cost still needs to be assessed.
Discuss the amount, purpose and timing of the borrowing, including whether a smaller or unsecured option could fit.
Equity alone is not enough. Both mortgage payments, other commitments, fees and the full repayment term need to be manageable.
Look at the whole picture
A further advance may let you borrow more from your current lender. Ask about the rate, fees and terms.
Replacing your mortgage may be another option. Include any early repayment charge and the cost of refinancing the whole balance.
Savings, delaying the expenditure or suitable unsecured borrowing may avoid securing additional debt against your home.
Costs and risks
Compare the total amount repayable, interest, term, fees and early repayment charges. A longer term can increase the overall cost.
Think carefully before securing other debts against your home. Debt consolidation can turn unsecured borrowing into debt secured on your property and may cost more overall.
Your first conversation
Have an estimate of your property value, current mortgage balance, the amount you want to raise and the purpose of the borrowing. You do not need to have a lender or product in mind.
We will explain how MOVA can help, any specialist introduction required and any applicable fees before you decide to proceed.
Your questions, answered
No. It sits alongside your first mortgage, so you normally have two secured loans and two repayment commitments.
No. Compare the combined payments, total amount repayable, fees, term and any charge for leaving the first mortgage. A lower monthly payment can still mean a higher overall cost.
Steven reviews the borrowing purpose, existing mortgage, equity and affordability, then explains the available next step, evidence, fees and any specialist introduction. A lender must assess and approve the application.
Ready to compare the routes? Start with your current balance, property value, borrowing amount and purpose.
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