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Second Charge Mortgages

Introduction

A second charge mortgage is a loan secured against a home that already has an existing mortgage (first charge) secured against it. Homeowners take out second charge mortgages for all sorts of reasons, ranging from debt consolidation to home improvements to deposits for investment properties.

A second charge can be a useful way of raising extra funds, usually £20,000 to £500,000. Second charges are usually cheaper than unsecured personal loans and may be cheaper or make more sense than a remortgage if you are tied into your existing deal with Early Repayment Charges.

The number of people taking out second charge mortgages has been growing strongly in recent years as the interest rates charged on these deals has been falling since 2010.

How to

How second charge mortgages can help older borrowers

Second charge mortgages can provide useful finance for the over-forties who may ...

How second charge loans can help interest-only borrowers

There are almost three million mortgage borrowers in the UK with interest-only d...

Case study – second charge

A second charge is a logical solution for borrowers needing to finance a loft ex...

Case study – second charge

A second charge makes sense for a couple who don't want to give up their cheap m...

Guides

Guide to second charge mortgages

Consult our handy guide to find out what a second charge is and the circumstance...

Guide to remortgaging pitfalls

It may seem like remortgaging is an easy way to save money, especially if you ha...

News

10 top tips to add value to your home

Nearly three-quarters of homeowners have improved their property over the last f...

Double-digit boost in number of second charge mortgages

The loans are secured against your property in addition to your existing mortgag...

Homeowners: Should you move or improve?

More people than ever are choosing to improve their existing property instead of...

Second charge mortgage lenders warned over ‘poor practices’

The Financial Conduct Authority has outlined key problems and ordered lenders to...

Double-digit annual rise in second charge mortgage lending

Borrowers are increasingly looking at these products as an alternative to remort...

Second charge mortgage lending boosted by 20%

Homeowners are increasingly turning to second charge mortgages to raise addition...

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