Central Trust Second Charge Mortgage: Pros and Cons

The Quick Version

The Central Trust Second Charge Mortgage offers loans from £10,000 to £250,000 with APRs between 9.69% and 13.1%. Suitable for UK homeowners with varied income sources, the loan provides flexibility but requires property security. Representative example shows a total repayment of £46,447.56 on a £31,000 loan over 7 years. Quick approval but watch out for high fees.

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

The Numbers

Central Trust loans start at £10,000 and go up to £250,000. APRs range from 9.69% to 13.1%, with terms between 3 to 30 years. Expect an arrangement fee of £1,999 and a processing fee of £499. Approval can happen in as little as 3 days according to source.

What's Actually Good

✅ Quick approval: Loans can be approved in as little as 3 days, which is faster than many competitors.

✅ Flexible borrower criteria: Employed, self-employed, and even pension and benefit incomes are considered.

✅ No broker fees: As a direct lender, Central Trust eliminates middleman costs.

The Catch

❌ High fees: Expect to pay an arrangement fee of £1,999 and a processing fee of £499 upfront, which adds to your loan cost.

❌ Property at risk: As with all secured loans, your home is collateral, meaning defaulting could result in losing your property.

Who Benefits Most

Best for UK homeowners who need a significant loan amount quickly and have diverse income streams. Ideal if your credit history isn't perfect but you have the property to secure the loan. Not recommended if you want to avoid high fees or if you can't afford to risk your home.

The Bottom Line

If you need a large loan fast and can handle the fees, Central Trust is a strong option. But tread carefully — the risk to your property and the cost of fees are significant factors to consider.