What Are Second Charge Loans?

Second charge loans, also known as second charge mortgages, are loans that are charged (guaranteed) against your home, with your mortgage being the first charge on your property. A second charge loan is independent from your mortgage. The amount you borrow is secured against your home, just like your mortgage, with many lenders allowing you to borrow up to 100% of the equity you have in your home. The ’secured’ part simply means that if you can’t pay the loan back, then the lender can repossess your home to recoup their debts. Many people take out 2nd charge loans to release equity within their home to consolidate existing (more expensive) debts or to carry out home improvements.

Pros & Cons

• Borrow up to 4 times more than an unsecured loan.
• Flexible repayment options including payment holidays.
• If you do not keep up repayments on a 2nd charge loan, your house may be repossessed.

Our Offer to You

Would you like to release some of the equity within your home? We can offer you a range of second charge mortgages with competitive rates and manageable monthly repayments.

If you wish to release some of the equity in your home to use for any purpose, such as debt consolidation, home improvements or a well earned holiday, then a second charge loan would be an ideal option for you and would not affect your existing mortgage. We will carry out a comprehensive search from some of the top UK lenders to ensure we find the right one for you, whatever your circumstances or credit history.