Mortgages
Second Charge
Unlock the value in your home without remortgaging
​
If you need to raise funds but don’t want to disturb your current mortgage deal, a second charge mortgage—also known as a secured loan—could be a smart alternative. This type of loan is secured against the equity in your property and allows you to borrow without remortgaging.
What Is a Second Charge Mortgage?
A second charge mortgage is essentially an additional loan secured against your home, sitting alongside your existing mortgage. It can be a useful way to access extra funds—for home improvements, debt consolidation, or major expenses—especially if:
You have a competitive rate on your current mortgage
​
Remortgaging would trigger costly early repayment charges
​
You want to borrow more than your current lender will allow
When Might It Not Be Right for You?
If you’re planning to move home soon, both your primary and second charge mortgages will need to be settled before you can complete the sale. This could significantly affect your available deposit or affordability for your next purchase.
​
It’s also essential that you can comfortably afford repayments on both your existing mortgage and the new loan. Falling behind on either could put your home at risk.
What Rates Can I Expect?
Second charge mortgages usually carry different interest rates than standard mortgages. If your existing lender offers a top-up product, you may be eligible for preferential terms, such as a loyalty rate. If not, we’ll help you compare deals across the wider market to find the most cost-effective option.
Before proceeding, we’ll also help you compare the total cost of a second charge mortgage versus remortgaging—factoring in fees, repayment terms, and interest rates.
