Second charge mortgages

Get started
illustration of Second Charge Mortgages

How does a second charge mortgage work?

A second charge mortgage is a loan where you  use the equity you have in your home as. It basically means you’ll have two mortgages running 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. 

You need to be a homeowner to take out a second charge mortgage, 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.

Got questions?

What is remortgaging?

What is a second charge mortgage?

Second charge mortgages vs remortgaging: what’s the difference?

What are the common uses of a second charge mortgage?

What are the risks of a second charge mortgage?

Why use Haysto?

We get how it feels when you’re refused a mortgage. We’ve been there. Haysto exists because the mortgage world is broken. If you don’t have a shiny credit rating, you’re self-employed with a complex income, or just don’t fit the mould, the odds are completely stacked against you. We just don’t think that’s fair.

Read our story
haysto

We help when others won’t

Unlike others, we only work on bad credit, self-employed and complex mortgages. That’s all we do. And we’re up for a challenge.

haysto

Speak to a real person

No robots, no automated answers. We use technology to connect you to a real person. Not replace them.

haysto

Your success is our success

We only get paid when your mortgage is approved.

useful links

Our Guides

Applying for a mortgage or understanding your options shouldn't be confusing, yet there are just so many myths doing the rounds and it's not easy to know where to turn to get the right advice.

Get connected to a specialist second charge mortgage broker who can make a mortgage possible for you.

Haven't we met before?