Compare Second Charge Mortgages

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Loan amount


Repayment term

10 years


Home Improvements
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Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a loan or any other debt secured on it. Show representative example

Some examples

Here are some example quotes from UK loan providers based on what you've told us. Your Norton Finance advisor will give you tailored recommendations based on your circumstances - complete the enquiry form

    • Oplo logo


      • Initial Rate
      • Total Repayments
      • Monthly Repayments
    • West One logo

      West One

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    • Together logo


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    • Equifinance logo


      • Initial Rate
      • Total Repayments
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    • Spring Finance logo

      Spring Finance

      • Initial Rate
      • Total Repayments
      • Monthly Repayments
    • Norton Home Loans logo

      Norton Home Loans

      • Initial Rate
      • Total Repayments
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    • Evolution Money logo

      Evolution Money

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      • Total Repayments
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    • Central Trust logo

      Central Trust

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    • Lesley Stephen & Co logo

      Lesley Stephen & Co

      • Initial Rate
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      • Monthly Repayments

Please note: Loans displayed have a minimum term of 12 months and a maximum term of 300 months. Maximum APRC charged 49.9%. Rates displayed are the lowest available for each lender based on 60% loan-to-value (LTV).

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.

If you are thinking of consolidating existing borrowing you should be aware that you may be extending the terms of the debt and increasing the total amount you repay.

Our comparison service is generated using information supplied by Norton Finance with whom we have a commercial relationship. This does not effect the pricing achieved by consumers.

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Last updated on 21 October 2021.

Second Charge Mortgages FAQs

What is a second charge mortgage?

Second charge mortgages are second mortgages or loans secured against a borrower’s property. This type of loan is sometimes referred to as a second mortgage as lenders must now apply similarly robust lending criteria to these loans as they do to initial or first mortgages.

Despite the secured loans being called second charge mortgages, borrowers do not use the money borrowed to fund the purchase of a property. Instead, second charge mortgages can be taken out to fund things like extensions and home improvements or consolidate debt.

How does a second charge mortgage work?

Second charge mortgages are secured homeowner loans offered to borrowers who have equity in a property, which they can put forward as security for the loan. Lenders can offer larger loan amounts and longer loan terms for this type of borrowing. However, you must remember that your home is a risk if you cannot keep up with repayments.

Since 2014, lenders have been required to impose the same affordability checks on borrowers of second mortgages as those taking out initial or first mortgages, in order to prevent people borrowing more than they can pay back. As a result, your credit record and your income will be taken into account by lenders when considering your application for a second charge mortgage.

What is equity?

The equity you hold in your property is simply the value of your home, minus the mortgage repayment total you still owe on it. So if your home is worth £250,000 and you have a £150,000 mortgage still to repay, you have £100,000 of equity in your home. The amount you will be offered by a lender for a second mortgage will be based on this equity amount, alongside other factors such as your income and credit history.

Why would you take out a second charge mortgage rather than remortgaging?

If your credit rating has been damaged since you took out your first mortgage, for example, you may find that you struggle to secure a good mortgage deal when remortgaging. Taking out a second-charge mortgage can sometimes be an alternative option

However, in many cases, a remortgage deal will be cheaper and easier to arrange than a second charge mortgage, make sure you consider and compare these costs.

What do I need to consider before taking out a second charge mortgage?

  • The interest rate charged (APRC)
  • Whether you can fix the interest rate
  • How much you can borrow
  • How long you have to repay the money
  • The minimum and maximum repayment terms
  • The cost of setting the loan up
  • Any early repayment charges
  • Whether you can afford repayments, even if the base rate increases [variable interest]
  • Whether you will be able to service the debt for its entire term

What happens if I move house?

When you sell your home, the first mortgage you have taken out is cleared as a priority over the second charge mortgage, but the lender may pursue you for the repayment. You will need to clear the second mortgage when you sell your house and, as a result, it is important to check whether you will be liable for any early repayment charges.

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