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Double-digit boost in number of second charge mortgages

The loans are secured against your property in addition to your existing mortgage
Second charge mortgage business volumes grew in January, according to figures published by the Finance & Leasing Association.
It said that £76m was lent in second charge mortgages in the first month of this year, which was 8% more than in January 2017.
In terms of sales volumes, there were 1,645 second charge loans lent to borrowers, 13% up on a year earlier.
What are second charge mortgages?
The mortgages are taken out by borrowers to run in addition to their existing homeloan and can be a useful way to raise funds without disturbing your current deal, or to consolidate debt.
They usually have a shorter term than a mortgage and are similar to personal loans. However, unlike loans, second charge mortgages are secured against your property.

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Fiona Hoyle, head of consumer and mortgage finance at the Finance & Leasing Association (FLA), said: “The second charge mortgage market reported growth in January. The sector is continuing its work in ensuring that the new regulatory regime is fully implemented.”