Mortgages
Second charge mortgages
When a second charge may be considered, and the alternatives first.
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- Takes 2 minutes
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The short answer
Second charge, explained in plain English.
Written by Seema Babber, mortgage and protection adviser
Updated
A second charge mortgage is a separate loan secured on your home, alongside your existing mortgage. It may be considered if remortgaging would mean losing a good rate or paying a large early repayment charge. It is secured borrowing, so we always compare it with alternatives such as a further advance or remortgage first.
Who this is for: Homeowners who want to raise money — for example for home improvements — without changing their existing mortgage.
Your options
Your adviser compares these with you and explains the trade-offs before you decide.
Further advance
Borrowing more from your current lender.
Remortgage
Replacing your mortgage with a larger one.
Second charge
A separate secured loan, keeping your current mortgage in place.
How it works
From first call to completion.
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01
Understand the need
We look at what the money is for and your current mortgage terms.
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02
Compare alternatives
We set out further advance, remortgage and second charge side by side.
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03
Apply
If a second charge is suitable, we manage the application.
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04
Complete
The loan is registered and funds released.
Before you start
Costs and risks to know about.
Costs to budget for
- Lender fees
- Valuation and legal fees
- Our fee, if any — explained in writing first
Risks
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.
We explain the risks of any recommendation in writing before you proceed.
01Is a second charge the same as a secured loan?
Yes, the terms are often used for the same thing.
02Will it affect my current mortgage?
Your existing mortgage stays in place, but both loans are secured on your home.
03When is it not a good idea?
If a further advance or remortgage would cost less overall, or if the repayments would stretch your budget.
Mortgage enquiry
Talk to an adviser about second charge.
Takes about two minutes. An adviser will be in touch to talk through your options.
- 1What you need
- 2Property details
- 3Your details
- ✓Adviser follow-up
Why people enquire with us
- A named adviser and case handler look after your case
- We compare lenders across the market, not just one bank
- FCA regulated — firm reference 752191
- Phone, WhatsApp, video or at our Uxbridge office
Your details are kept secure and only used to handle your enquiry.