Second mortgages explained

Key points about second mortgages

  • You can borrow anything from £3,000 to £1,000,000.
  • Ideal for high value purchases.
  • They are available for people with fantastic and not-so-fantastic credit ratings.
  • You need to own a home worth at least £75,000 to apply.
  • You’ve got to have some equity available in your property.
  • You, or someone in your household, must have a regular income.

So, how do second mortgages work?

Second mortgages from simple icon

It’s simple really; they’re called second mortgage agreements because they’re secured against your home. In other words, you’re telling the lender that if all else fails, you’ll pay them back by selling your home.

Guaranteeing your loan in this way means you can borrow larger sums. It also means you could get a loan even if you've struggled to get credit in the past.

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