AT A GLANCE
What is a second charge mortgage?
A second charge mortgage is additional borrowing secured against a property that already has a mortgage. The original mortgage stays in place. Compare the combined repayments, total cost and alternatives, because both loans can put the property at risk.
A second charge mortgage is a separate loan secured against a property that already has a mortgage. It may be considered when you need additional funds and want to retain your current mortgage. Comparing it with a further advance, remortgage or other options helps establish whether it fits your circumstances.
What this can help you explore
- Compare additional borrowing routes and their total costs.
- Assess affordability across existing and proposed repayments.
- Understand how the extra loan affects your home equity.
Things to consider
Your home may be repossessed if you do not keep up repayments on loans secured against it.
Consolidating debts may extend repayment and increase total interest, while turning unsecured borrowing into a risk to your home.
Your questions, answered.
No. It sits alongside it, with separate terms and repayments. Both commitments need to be included in your affordability assessment.
No. Compare rates, fees, existing early repayment charges and the total cost over the relevant period before making a decision.
Who provides this service?
The provider, applicable permissions, advice scope and terms must be confirmed before you proceed. Regulatory treatment and protections vary by service and product.
Regulatory information