Competitive second mortgage rates through Deal Direct.

When shopping around for second mortgage rates, it is important for home-owners to find out just how much lenders will let them borrow.

Usually with a first mortgage, the maximum allowed is based on a person's credit rating and a calculation of affordability. The most important criteria for lenders considering a second mortgage application, is the loan to value of the property and the borrower's credit score.

When it comes to applying for a second mortgage, the rate of interest quoted will depend on various factors. Lender's second mortgage rates will be higher than their first mortgage rates because they consider the loan to be a higher risk.

However rates offered are usually lower than those charged on other unsecured loans, which is often the reason people choose a second mortgage over a standard loan.

Before making an application, a home-owner should research second mortgage rates and payback terms thoroughly. At Deal Direct our experienced brokers can do this on your behalf.

Unlike a first mortgage, income multiples are not the main criteria for assessing how much a lender will decide to loan. A person with a perfect credit score can sometimes borrow up to 80 per cent of their home's value.

Second mortgages rate deals can be taken out for any amount between £5,000 and £250,000 but, before making any decision a home-owner should research fully all lender offers and repayment terms.

Deal Direct as skilled 'whole of market' brokers are fully up to date on lenders lending criteria and latest second mortgage rates and are well placed to find you a competitive deal.

Contact us by filling in our enquiry form or you can simply telephone 0800 048 8828.