Central Trust Second Charge Mortgage: A Detailed Look

The Quick Version

Central Trust offers a second charge mortgage with APRs ranging from 9.69% to 13.1%, borrowing amounts from £10,000 to £250,000, and terms from 3 to 30 years. You'll need to be a UK homeowner and offer your property as security. Approval can be quick — as little as 3 days.

Rates shown are representative. Your actual rate depends on your credit profile. This is not financial advice.

The Numbers

According to Central Trust, the APR ranges from 9.69% to 13.1%. Loan amounts vary between £10,000 and £250,000 with terms from 36 to 360 months. Expect an arrangement fee of £1,999 and a processing fee of £499.

What's Actually Good

Central Trust considers various income types, including employment, self-employment, pensions, and benefits. Their willingness to overlook credit history makes them a viable choice for those with less-than-perfect credit. Plus, the absence of broker fees is a financial relief.

The Catch

The downside? The interest rates are on the high side, especially if your credit isn't stellar. That 13.1% APR can add up quickly. Factor in those hefty fees — the arrangement and processing fees bring the total cost of borrowing up considerably.

Who Benefits Most

This loan is ideal for UK homeowners with sufficient property equity who need access to a large sum quickly. It's especially useful for those who have diverse or non-traditional income sources and may not qualify for other loans due to credit history.

The Bottom Line

If you're a UK homeowner looking for a large loan with flexible income consideration, Central Trust's second charge mortgage is worth a look. Just be wary of the high fees and potentially steep interest rates.