Second-charge mortgages use your home as security. Many people use them to raise money instead of remortgaging. This can be particularly useful when your existing lender is unable to assist and there are significant penalties to switch to another mortgage provider. As the name suggests, this is a secured loan or second charge and therefore it will be paid in addition to your current mortgage.
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A secured loan is a second charge mortgage used to raise extra money instead of remortgaging, or taking out a personal loan.