Second Charges

While second charge mortgages (second mortgages) are not normally the preferred route for those looking to raise additional funds, sometimes they can be the most cost-effective route.

A second charge mortgage literally means that as well as the initial mortgage charge on your property, there is a secondary charge which is covered by the equity in your property. So for example, if you had a property worth £500,000 with £250,000 outstanding on your mortgage capital, you would have equity of £250,000. Therefore, if you were looking to raise £50,000 you could in theory use your property equity as collateral to obtain an additional secured loan.

Rest assured, we will guide you in terms of the risks involved and ensure you take the right option for your circumstances. Why not give us a call today for a no obligation chat and we can discuss the options and rates available in the market today.