Second Charge Loans

Second Charge Loans

Second charge loans are often referred to as second mortgages because they have secondary priority behind your main (or first charge) mortgage. They are a secured loan, which means they use the borrower’s home as security. Many people use them as a way to raise money instead of remortgaging to carry out home improvements or debt consolidation. They can be a useful source for additional borrowing when tied in to a rate with your existing borrower.