A second charge mortgage, also known as secured loan, is secured on a home or investment property. They are called second charges because they have secondary priority behind your first mortgage when it comes to repaying the loan. Often used as an alternative to remortgaging, they are a great way to raise funds for a wide range of purposes. These include debt consolidation, home improvements, school fees and much more.

Second charges can often take a lot less time to complete than a standard remortgage. Second charge lending is deemed more generous than mainstream mortgage lending, with some providers allowing total borrowing of up to six times income.

You will need to approach the first charge lender for permission to allow a second charge.