Jargon Buster: Second Charge Mortgage
A secured loan, also known as a second charge mortgage, uses the borrower’s home as security.
It simply sits behind lenders' first charge mortgages and is an additional loan secured against your property.
These can be useful for those whose early repayment charges to remortgage are expensive, the self-employed, or whose credit rating has changed, and have been growing in popularity in recent times.
Failing to repay a secured loan can result in you losing your home, and the Money Advice Service recommend speaking with a mortgage broker when considering second charge mortgage options.
Just get in touch if you'd like some more information or other details.
Your Home (or property) may be repossessed if you do not keep up repayments on your mortgage or any other debts secured on it.