Second charge mortgages are an additional mortgage on your property, and will be secured on your home. It is a great option if you have a good deal on your current mortgage and want to borrow extra funds without affecting your main mortgage. You can borrow anything from £1,000 upwards subject to affordability.

Reasons you may want to take out second charge mortgages

• You are on a low rate with your current mortgage and need to borrow extra funds without affecting it.
• When you are tied into your main mortgage and will have to pay large redemption penalties.
• You are unable to re-mortgage due to credit status changes.
• You want a longer term than you existing mortgage to make you payments cheaper.
• If you have an interest only mortgage.