Second Charges Loans

Locked into a deal on your main mortgage and want to borrow further funds. Alternatively, you may have approached your main lender who is not able to offer you further borrowing. A second charge mortgage could be the answer.

A second charge mortgage is a loan that is secured against the value of your property. It is called a second charge mortgage because it is a secondary loan, with the primary mortgage being the first loan taken out on the property.

Second charge mortgages are often used by borrowers who want to borrow additional funds but do not want to take out a new primary mortgage. Instead, they use the equity they have built up in their property as security for the loan. This can be a good option for borrowers who want to avoid the costs and fees associated with refinancing their primary mortgage. This can also be advantageous if your primary mortgage is on a very competitive rate and you are unable to increase your borrowing with the primary lender.