Second-charge mortgages
Borrow against your equity, without touching your current deal
A second-charge mortgage lets you borrow against the equity in your home without changing your existing mortgage. It sits alongside your current deal, with its own rate, term and monthly payment, often avoiding early repayment charges on a fixed rate you'd rather keep.
When might a second charge make sense?
- Home improvements or extensions where you want to keep your main mortgage untouched
- Debt consolidation into a single, structured repayment
- Avoiding early repayment charges on your current fixed-rate mortgage
- Raising a deposit for another property or investment
- Where remortgaging isn't ideal, due to credit changes, complex income, or lender limits
How I help
I start with your goals, budget and timeframes, then compare all viable routes: remortgaging (switching your whole mortgage), a further advance from your current lender, or a second-charge mortgage alongside your current deal. As a whole-of-market adviser, I look widely across lenders and, where appropriate, place cases with specialist second-charge providers.
Costs, risks and key considerations
- Interest rates and fees: second charges can carry different rates and may include arrangement, valuation and legal fees. I'll outline the true cost over time.
- Security: your home is used as security. If repayments aren't maintained, your property may be at risk.
- Debt consolidation: rolling unsecured debts into a secured loan can reduce monthly outgoings but may increase total cost over a longer term. I'll model both outcomes before you decide.
Documents you'll usually need
- Photo ID and proof of address
- Mortgage statement for your current loan
- Payslips and bank statements, usually the last three months, or SA302s and accounts if self-employed
- Details of existing credit and, if consolidating, settlement figures
Please note: This website is for information only and does not constitute mortgage advice. Your home may be repossessed if you do not keep up repayments on your mortgage.
Not sure which route is right for you?
Get in touch and I'll compare the options with you, in plain English.