Second charge is a secured loan on a mortgaged property. A mortgage is a secured loan which you can use to buy a house, it is also called a First Charge Mortgage while a Second Charge Mortgage is a secured loan which you can use for any purpose e.g. investing somewhere else, weddings, home improvements etc. The interest rate of second charge mortgages are higher than normal mortgages and usually less than an unsecured loan. A Second Charge loan is easier to get compared to unsecured loans, but it depends on how much equity is in the property. Depending on your age and other factors, you can take Second Charge Mortgages for longer periods of time and reduce your monthly payments. 

To get a Second Charge Mortgage you need the permission from the current Mortgage lender who considers various factors like the value of your property, your financial situation and expected changes in your financial situation. So for this reason you need specialist broker advice. If you are thinking of a Second Charge Mortgage, you can contact us and we can help arrange it for you.