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
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Case study – second charge
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Case study – second charge
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In Depth
Guide to second charge mortgages
Brits raid savings to pay for home improvements
The UK’s top 10 DIY projects revealed
Avoid these costly DIY disasters!
10 top tips to add value to your home
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