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Central Trust Second Charge Mortgage: Worth the Risk?
Explore if Central Trust's second charge mortgage, starting at 9.69% APR, suits your financial needs. Get funds in as little as 3 days.
The Quick Version
Central Trust offers second charge mortgages with APRs ranging from 9.69% to 13.1%. You can borrow between £10,000 and £250,000 over 3 to 30 years. Approval can be as quick as 3 days, but your home is at risk if you can't repay. Not financial advice.
Rates shown are representative. Your actual rate depends on your credit profile. This is not financial advice.
Central Trust Second Charge Mortgage
Fast approval and flexible terms make it appealing.
The Numbers
According to Central Trust's official source, the APR ranges from 9.69% to 13.1%. Loans start at £10,000 and cap at £250,000, with terms from 3 to 30 years. A representative example shows a loan of £31,000 over 7 years with a total repayable amount of £46,447.56, including a £1,999 arrangement fee and a £499 processing fee.
What's Actually Good
Central Trust shines with its flexibility and speed. Approval can be as quick as 3 days, and they consider all credit histories. There are no broker fees, which could save you money up front. The range of income types considered, including benefits and pensions, make this loan accessible to more people.
The Catch
The risk is significant: your home is on the line if you default. The APRs, while competitive in the secured loan market, are on the high side compared to personal loans. The upfront fees also add a hefty cost: £2,498 just to get started.
Who Benefits Most
This loan suits UK homeowners who need a large sum quickly and have a stable income, whether from employment, self-employment, or benefits. It's ideal for those with less-than-perfect credit but who can afford to meet stringent repayment terms.
The Bottom Line
If you're a UK homeowner in need of a sizable loan and can handle the risk of using your home as collateral, Central Trust's second charge mortgage is worth considering. Just be prepared for the high fees. Explore Hitachi's Home Improvement Loan for another option.
