A second charge mortgage means you can use any equity you have in your home as security against another loan. It means you will have two mortgages on your home.
Equity is the percentage of your property owned outright by you, which is the value of the home minus any mortgage owed on it. A second charge mortgage allows you to use equity in your home as security against another loan.
To take out a second charge mortgage, you need to be a homeowner, but you don’t need to live in the property. This means if you’re a landlord, then you may be able to use your rented property against your loan.
But just like any mortgage, if you fail to keep up with the payments, then you run the risk of losing your home. Your initial mortgage always takes precedence over a second charge one in these scenarios.
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