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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...
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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

Revealed: The home improvements that really add value

The most popular home improvements are not necessarily the most profitable

Second charge mortgage repossessions fall

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

20% boost in second charge mortgage lending

The number of second charge mortgages lent to borrowers hit a 10-year high

Extend your home or move? What would you do?

New planning rules make it easier to extend, but is it always the best option?

Second charge lending breaks £100m for third straight month

Second charge mortgages enable you to borrow funds secured against your home on ...

Second charge sees busiest month since 2008 as strong 2019 continues

The mortgages - also known as secured loans - enable borrowers to raise funds in...
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In Depth

Mar 06, 2017

Guide to second charge mortgages

Nov 15, 2019

Second charge mortgage repossessions fall

Nov 06, 2019

20% boost in second charge mortgage lending

Aug 13, 2019

Extend your home or move? What would you do?

Jul 05, 2019

Second charge lending breaks £100m for third straight month

Oct 10, 2018

Brits raid savings to pay for home improvements

Sep 17, 2018

The UK’s top 10 DIY projects revealed

May 01, 2018

Avoid these costly DIY disasters!

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