A second-charge mortgage is a secured loan that uses the equity in your home as collateral. In other words, it’s based on the difference between the value of the property and the amount you owe on your first mortgage.

 

A second-charge mortgage is separate from your mortgage. It can allow you to access extra funds without remortgaging. Taking out a second-charge mortgage allows you to use your home to borrow more money. This could assist you to cover the cost of home improvements or renovations. It does mean that you will have two securities to pay off on the property.

 

If you are considering releasing the equity in your home by way of a second charge, please contact us to discuss your options.