What IS a Second Charge Mortgage?
Jargon Buster: Second Charge Mortgage
A secured loan, also known as a second charge mortgage, uses the borrower’s home as security.
This can be useful for those whose early repayment charges to remortgage are expensive, the self-employed or whose credit rating has changed.
Failing to repay a secured loan can result in you losing your home.
The Money Advice Service recommend speaking with a financial advisor when considering second charge mortgage options, so you know what to do....
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Your Home (or property) may be repossessed if you do not keep up repayments on your mortgage or any other debts secured on it.