Different Types of Mortgages

Not wanting to touch your current mortgage yet release equity? A great way to tap into some of that equity you have built up in your home is by a second charge.

What is a second charge mortgage? A Second Charge Mortgage is an additional loan on top of your existing mortgage. These are sometimes known as ‘Secured Loans’. Unlike re- mortgaging – where you change your basic mortgage to another one – a Second Charge Mortgage is paid alongside your current mortgage. So that there are no early repayment charges or change in rate with your first charge lender.