Second charges

A second mortgage can be a low-cost alternative to an unsecured loan or a re-mortgage when raising funds for virtually any purpose. Working in the same way as your first mortgage and governed by the same rules a second mortgage can be useful where:

• You are locked into your current mortgage deal by early repayment charges or simply a great product or rate
• Your circumstances have changed since your original borrowing and re-mortgage rates are unattractive
• The extra amount you want to borrow is small in relation to your existing mortgage, but it means all of your borrowing will attract a higher interest rate
• You want a longer term to repay the loan, reducing the monthly repayment to fit a budget

Second mortgages are available to homeowners and landlords and can be secured on owner-occupied property and Buy to Lets. They can be quick to arrange and typically come without any upfront fees or hidden costs.