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Second Charge Mortgage

If you are looking to release equity from your property, re-mortgaging is not always an option. That is where second charges come in.

What is a Second Charge?

Second Charges are often referred to as a second mortgage as they have secondary priority behind your main mortgage. They are a secured loan, which means the lenders use your home as security.



Why would I choose a Second Charge?


There are several reasons why you would choose a second charge over a re-mortgage. It could be that…

  • Your current mortgage has a high early repayment charge and re-mortgaging would work out more costly

  • To borrow more on your mortgage could push you in to a higher interest rate band so it is cheaper to pay a higher interest rate on just the extra amount and not your whole mortgage

  • Your struggling to get some form of unsecured borrowing



How to I apply for a Second Charge?


Your Jigsaw Money Adviser will look at both the option of re-mortgaging and a second charge to determine which one is more suitable for you. If a second charge is the best option for you, they will research the whole market to find you the best second charge for you.


Once the right second charge has been found, your Jigsaw Adviser will submit the application to the lender. They will deal directly with the lender to make sure that all of their questions are answered and all their requirements are satisfied.


The lender may also instruct a valuation. If the lender requires an internal inspection they will contact you directly to arrange the appointment at a time that is convenient for you. Your Jigsaw Money Adviser, will make sure that you are kept up to date throughout the whole process.

To discuss the options available to you, contact us today!

Second Charge
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