Second Charges And Second Charge Loans

A second charge is another term for a secured loan, or second mortgage. Any first mortgage or subsequent secured loan will be arranged by way of a legal charge that is secured against a property. On completion of a second charge loan, the lenders solicitor will make arrangements for the charge to be registered at the land registry department, following that of your first mortgage.

Second charges exist within the finance industry as a flexible and viable capital raising option for many homeowners. They can offer a fast solution to a borrowers finance needs and can be used for any purpose. In most cases, loan sizes are made available from £5,000 upwards over terms up to 7 years.

The appeal of a second charge loan to many borrowers is the speed in which the finance can be arranged, the competitive rates of interest on offer, the minimal charges applied on early redemption, the accessibility and flexibility. For those borrowers with a poor credit history or limited proof of income; the lenders security over the property can result in a more accessible route to their finance requirements.

Think carefully before securing other debts against your property, it may be repossessed if you do not keep up repayments on your loan.

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Second charges exist within the finance industry as a flexible and viable capital raising option.

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