Remortgages and Second Charges in Chelmsford
Remortgage and second charge help for homeowners in Chelmsford, Broomfield, Great Baddow and Writtle.
Deal review
We look at your current mortgage and when it ends
Costs and risks explained
Early repayment charges, fees and the risks to your home
Routes compared
Remortgage, second charge or staying put, set out side by side
If your deal in Chelmsford is about to end, you can usually choose between staying with your lender, switching to another or, in some cases, keeping your mortgage and adding a second charge. Each has costs and trade-offs.
We compare the routes with you and explain the figures in plain English.
Remortgaging in Chelmsford
Home improvement is a common reason to remortgage in Chelmsford, whether a loft conversion, a kitchen extension or a new garden room. Your lender will consider the value of your home and your income, and you should check planning and building regulation requirements for your project before you borrow, since they affect cost and timing.
If you are happy with your current mortgage rate but want to borrow more, a second charge can leave your existing mortgage in place, although the second loan usually has its own rate and costs and may be more expensive overall. In other cases, a new mortgage on the whole balance is better, particularly if your current rate is high. We compare both approaches on the figures, including any early repayment charge on your existing mortgage.
How it works
Initial conversation
We look at your current mortgage, what you want to achieve and how much you want to borrow.
Costs and options compared
We set out the costs of staying, of remortgaging and of a second charge, and the alternatives.
Recommendation
We explain what we would recommend, and why.
Application
We help you complete the application and provide the documents the lender needs.
Valuation and legal work
The lender values your home, and legal work is completed where needed.
Completion
Your new mortgage or loan starts and, for a remortgage, your old mortgage is repaid.
For the full guide, see our Remortgages & Second Charges page.
Frequently asked questions
Should I take a second charge or remortgage for an extension in Chelmsford?
It depends on your current rate, any early repayment charge and the amount. We compare the total cost of each route, since the cheaper monthly payment is not always the cheaper overall.
Do I need planning permission before I borrow for building work?
Not for the mortgage itself, but your project may need planning permission or building regulation approval. Check with Chelmsford City Council before you commit to costs.
Is a second charge the same as a remortgage?
No. A remortgage replaces your existing mortgage. A second charge is an additional loan secured on your home, and your existing mortgage stays in place.
When should I start looking at a new deal?
It is sensible to start a few months before your current deal ends. Many lenders allow you to arrange a new deal in advance. We will check the timing for your mortgage.
Important information
- Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.
- You may have to pay an early repayment charge to your existing lender if you repay your mortgage early, and a fee may be payable to a new lender.
- Think carefully before securing other debts against your home. Making debts longer term may increase the total amount you repay.
The information on this page is general and is not advice. Advice depends on your personal circumstances.
Remortgages & Second Charges in other areas
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