Residential Mortgages
You could receive your loan in as little as 3 days!
- Borrow from £10,000 to £250,000
- Flexible terms from 3-30 years
- We consider all credit histories
- Employed, self employed, pension and benefit income
- Direct lender so no broker fees
Representative Example: A secured loan of £31,000 payable over 7 years on a fixed rate of 9.83% for the first 5 years, followed by a variable rate, currently 9.69%, would require 60 monthly payments of £553.17 followed by 24 monthly payments of £552.39. The total amount repayable would be £46,447.56, this includes interest, an arrangement fee of £1,999 and a processing fee of £499. The overall cost for comparison is 13.1% APRC representative.
What is a residential mortgage?
A residential mortgage is a loan secured against the home you live in. It can be used to replace your existing mortgage, release equity from your home or, if your property is mortgage-free, borrow against its value.
Residential mortgages generally fall into two categories:
First charge mortgages:
A first charge mortgage becomes the main mortgage secured against your property. At Central Trust, our first charge mortgages are available for remortgages and capital raising against unencumbered properties. We do not currently offer first charge mortgages for purchasing a property.
Second charge mortgages:
A second charge mortgage, also known as a secured loan, allows you to borrow additional funds while keeping your existing mortgage in place. This can be a suitable option if you have a competitive mortgage rate or would incur early repayment charges by remortgaging.
Depending on your needs, we may be able to help with either a first charge mortgage or a second charge mortgage, subject to eligibility.
We do not currently offer mortgages for purchasing a property, although we plan to introduce purchase mortgages in the future.
What can a residential mortgage be used for?
Residential mortgages can be used for a variety of purposes, including:
- Remortgaging
- Releasing equity from your home
- Home improvements
- Debt consolidation (subject to affordability and suitability)
- Funding significant one-off expenses
- Other eligible personal purposes.
What can we offer?
Whether you're looking to remortgage, raise capital or borrow against your home's equity, Central Trust offers flexible residential lending designed around your individual circumstances. Every application is manually underwritten by our experienced team, allowing us to look beyond automated credit scoring and understand the full picture.
Residential mortgage or secured loan - which is better for me?
The right option depends on your circumstances, your existing mortgage and what you're looking to achieve.
A residential mortgage is typically used when you're buying a home or remortgaging your current property. It may also be suitable if you're looking to borrow more by remortgaging, particularly if you're coming to the end of your current mortgage deal.
A secured loan (also known as a second charge mortgage) is an additional loan secured against your property while you keep your existing mortgage in place. It can be a suitable option if you want to raise capital without changing your current mortgage, especially if you're on a competitive interest rate or would incur early repayment charges by remortgaging.
A residential mortgage may be suitable if you:
- You're buying a new home
- You're remortgaging your existing property
- Your current mortgage deal is ending
- You want to replace your existing mortgage with a new one
- You meet the lender's affordability and lending criteria.
A secured loan may be suitable if you:
- You want to keep your existing mortgage and interest rate
- Your current mortgage has early repayment charges
- You need to borrow additional funds without remortgaging
- You're looking to raise capital for home improvements, debt consolidation or another eligible purpose
- A second charge mortgage better suits your circumstances.
You should also consider why a residential mortgage might not be right for you:
- High exit fees: Your current mortgage has expensive early repayment charges
- Short-term plans: You plan to sell and move home in the very near future
- Home at risk: You are uncomfortable securing multiple debts against your property
- Small loan amounts: You only need a small amount of money for a short period
- Cheaper options exist: You qualify for a lower-interest unsecured loan or a cheaper remortgage.
Is taking out a second mortgage the same as remortgaging?
A remortgage replaces your existing mortgage with a new one, either with your current lender or a different lender. This can be used to secure a new rate, release equity from your property, or both.
A second mortgage, also known as a secured loan or second charge mortgage, allows you to borrow additional funds against your property's equity while keeping your existing mortgage in place. This can be beneficial if you're on a competitive mortgage rate or would incur early repayment charges by remortgaging.
The most suitable option depends on your circumstances, including your current mortgage terms, how much you want to borrow, and your financial goals. Our team can help you explore both options and find the right solution for your needs.
Can I still get a residential mortgage with bad credit?
Yes, subject to eligibility. We will run a credit search followed by a manual review to assess your credit history, affordability and full circumstances.
Why choose Central Trust?
Fast and Simple Process
You could access funds within days by calling our team directly or enquiring online.
Over 35 Years’ Experience
We are one of the UK's longest established specialist lenders, so you can relax knowing you're dealing with an experienced team.
Authorised and regulated by the FCA
We are committed to responsible lending, clear communications and good customer outcomes throughout the borrowing journey.
Your Loan,
Tailored for You.
Consolidating debt? Paying for a large expense like home improvement or a wedding? We have you covered.
Unlike many other lenders, there is no strict automation to our lending decisions. Your application is assessed by our team, not by a computer.
How it works
Organising your finances can sometimes feel stressful, but we want to make it as easy as possible for you.
In just 3 simple steps you could have the money in your bank account. All you need to do is:
Enquire
Complete our quick and easy online enquiry form. Alternatively, you can speak to an advisor instantly by calling us or starting a live chat.
Share
One of our qualified advisors will call you to discuss your enquiry and work out a monthly payment that meets your needs and circumstances.
Complete
We'll help you complete the paperwork and any other supporting documentation required. Everything can be completed electronically, or on paper if you prefer.
Ready to enquire?
Call an advisor free on:
0800 980 6273
- Friendly UK based advisors
- Enquiring won't affect your credit rating
- Fast turnaround time 7-10 days is possible
- Immediate contact from our advisors
- We are a direct lender
What is a mortgage?
A mortgage is a loan secured against your property. It allows you to borrow money, usually to buy a home or raise funds against the equity you've built up. The loan is repaid over an agreed term through monthly repayments, and your home may be repossessed if you do not keep up repayments.
What can mortgages be used for?
Our mortgage products can help you:
- Remortgage an existing property.
- Raise capital against your home's equity.
- Raise capital against an unencumbered property.
- Refinance specialist residential and buy to let borrowing.
Is a homeowner loan the same as a mortgage?
No. A homeowner loan is different to a mortgage. A homeowner loan is taken out in addition to your mortgage, but your mortgage takes priority over a homeowner loan. This means that if your house is repossessed to pay off a debt, the mortgage lender will be paid first. Then the lender who provided the homeowner loan will get what they are owed. If any money is left over, you will get it.
Is a secured loan the same as a mortgage?
No. A secured loan is different to a mortgage. A secured loan is taken out in addition to your mortgage, but your mortgage takes priority over a homeowner loan. This means that if your house is repossessed to pay off a debt, the mortgage lender will be paid first. Then the lender who provided the secured loan will get what they are owed. If any money is left over, you will get it.
Mortgage vs secured loan – which is better for me?
The right option depends on your circumstances. A first charge mortgage replaces any existing mortgage on your property or can be taken against an unencumbered property. A secured loan (also known as a second charge mortgage) allows you to borrow against your home's equity without replacing your current mortgage. If you're looking to remortgage or raise capital, we'll assess your circumstances to help determine which option best suits your needs.
Is taking out a second mortgage the same as remortgaging?
No. A remortgage replaces your existing mortgage with a new one, either with your current lender or a different lender. This can be used to secure a new rate, release equity from your property, or both.
A second mortgage, also known as a secured loan or second charge mortgage, allows you to borrow additional funds against your property's equity while keeping your existing mortgage in place. This can be beneficial if you're on a competitive mortgage rate or would incur early repayment charges by remortgaging.