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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

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How second charge loans can help interest-only borrowers

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

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Revealed: The home improvements that really add value

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Second charge mortgage repossessions fall

The mortgages - also known as secured loans - are taken out on top of an existin...
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In Depth

Mar 06, 2017

Guide to second charge mortgages

Nov 12, 2021

Five top tips for renovating a property

Sep 17, 2021

15 million planning home improvements this year

Jul 27, 2021

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