Second Mortgages

Second Mortgage for UK Holiday Homes

Although not as common as they used to be since many people looking to release equity in their property remortgage, second mortgages are still available although now they are generally known as a secured loan and can be the perfect solution in particular circumstances.

Second mortgages for other homes A second mortgage is when you take out an additional mortgage on a property which already has a mortgage against it. The loan is often used to raise money if the property has greatly increased in value. Your loan would be taken out through a finance company rather than a high street bank or building societies. The first mortgagee or lender, will usually hold the deeds of the property, the second mortgagee absorbs a higher risk and with therefore charge a much higher rate of interest.

Second mortgages are now usually referred to as a secured loan and as such is usually secured by way of a second charge. Click the link for more information on secured loans or complete our short enquiry form by clicking below.

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