Second Mortgages

We create a second mortgage when the borrower offers the property for a second time as security. The first lender still has a mortgage secured on the property. So, the new lender takes a second charge on the property.

The original lender keeps the deeds, and its charge takes precedence over next charges. This means that, if a sale, the original lender’s claim is prioritised (if possible) and, if enough surplus then remains, the second mortgagee’s charge will be met. Lenders will, of course, only offer a second mortgage if there is adequate equity is available. Since second mortgages represent a higher risk to lenders, they are likely to be presented at higher interest rates than first mortgages.

LET US HELP YOU FIND

THE SUITABLE SERVICE

We offer an end to end financial solution with a focus on making the
process as simple and stress-free as possible.

LET US HELP YOU FIND

THE SUITABLE SERVICE

We offer an end to end financial solution with a focus on making the
process as simple and stress-free as possible.