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Second Charge and Secured Loan Mortgages

Second charge mortgages are a type of secured loan that allow homeowners to raise extra money without re-mortgaging or taking out an unsecured personal loan.

You can apply for a second charge mortgage so long as you have at least 15% equity in your property. IMS can help you find flexible mortgage providers who are willing to lend you money that is secured against the value of your home.

There are several reasons where a second charge mortgage might be worth considering, including: 

• If your credit rating has gone down since taking out your first mortgage – re-mortgaging could mean you end up paying more interest on your entire mortgage, rather than just on the extra amount you want to borrow.

• If your mortgage has a high early repayment charge – it may be cheaper for you to take out a second charge mortgage rather than to re-mortgage.

• If you’re struggling to get some form of unsecured borrowing – such as a personal loan, perhaps because you’re self-employed.

• If your current lender is unwilling to provide the funds that you require – perhaps for example as you’re using it to invest in a business venture

• If you need to move fast and have funds available quickly – second charge mortgages are often a speedier option than a traditional.

If you would like to arrange an appointment to speak with our specialist mortgage advisors or if you have any questions, please call 01869 248 339 or email us at

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