Second Charge Loan

A second charge loan can be an effective way of of releasing equity from a property you own. They are ideal if you want to consolidate debt, complete home improvements, or as an alternative to a remortgage.

With current mortgage rates at an all time low, if you are on a low tracker or your lenders standard variable rate, then a re-mortgage may not be the most cost effective way to release capital from a property, but you are still able to capital raise with a secured loan without affecting your current mortgage rate.

A second charge secured loan is quite often referred to as a second charge mortgage because it is a loan secured against the available equity in a property you own. The security is usually in the form of a second charge mortgage against the property which means that it sits behind and does not affect the primary (first charge) mortgage.

Second charge secured loans can be considered under the following circumstances;

Secured loans can be made available for most legal purposes, including;