You are here: Home - Second Charge Mortgages

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

Second charge mortgage market records stuttering growth in 2016

More borrowers are taking out second charge mortgages, and repossessions on the ...

10 ways to boost the value of your property

Smart home improvements that give you more bang for your buck

Second charge mortgage lending down

Second charge mortgage new business fell by 6% in terms of value in January 2017...

Surge in demand for second charge debt consolidation loans

The early part of 2017 saw a sharp rise in the number of mortgage advisers looki...

E-signatures ‘cutting application time by three days’

Digital signature capability is cutting the time it takes to apply for second ch...

Second charge repossessions fall 37% in 2016

According to the Finance and Leasing Association (FLA), 144 properties were take...

Speak to an adviser

Could you benefit from impartial, free advice?

Your Mortgage Guides

Guide to Offset Mortgages

Download our handy guide to offset mortgages, brought to you in partnership with Scottish Widows Bank

Read More >

Is your mortgage fully protected with critical illness?

For a free quote or to speak with an insurance expert call 0800 1218744