What is a second charge mortgage?

A second charge mortgage, also known as a ’secured loan’ or 'second mortgage' allows you to borrow money, whilst leaving your existing mortgage in place. A second charge mortgage requires you to provide your home as security. This means we take a legal charge over your property, in the same way a mortgage provider does. This will be removed once the loan is fully repaid.

When you take a second charge mortgage, you still own your property. We are a responsible lender and want to make sure you can afford the repayments on your second charge mortgage, but this security means, as a last resort, should you be unable to repay the loan we would repossess your property to recover our loss.

Borrowing money is a serious matter. You need to think carefully about whether you can afford the payments over the full term of the loan (not just during any introductory period when you may pay a lower rate of interest).