Central Trust Second Charge Mortgage: Quick Funds, High Fees

The Quick Version

Central Trust's Second Charge Mortgage offers quick access to funds, ranging from £10,000 to £250,000 with terms up to 30 years. However, the APR ranges between 9.69% and 13.1%, and fees can add up quickly. Ideal if you're a UK homeowner with various income sources.

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

The Numbers

Loan amounts range from £10,000 to £250,000, with terms between 3 and 30 years. APR starts at 9.69% and can go up to 13.1%. Expect an arrangement fee of £1,999 and a processing fee of £499, according to Central Trust. Approval can be as fast as 3 days.

What's Actually Good

✅ Fast funding: Receive your loan in as little as 3 days.

✅ Flexible income acceptance: Employed, self-employed, pension, and benefit incomes are considered.

✅ Large loan amounts available, making it suitable for significant expenses.

The Catch

❌ High fees: An arrangement fee of £1,999 plus a processing fee of £499 can be steep.

❌ High APR: Up to 13.1%, which is on the higher end for secured loans.

❌ Risk to home: As a secured loan, your property is at risk if you fail to make repayments.

Who Benefits Most

This loan is best suited for UK homeowners with diverse income sources, such as those who are self-employed or receive pension or benefit income. It's ideal if you need a large sum quickly and have the means to manage high fees and APRs.

The Bottom Line

If you need quick access to a substantial loan and meet the income criteria, Central Trust offers a fast but pricey option. Homeowners should weigh the costs against the risk to their property.