Calculators
-
Mortgage Calculator
See how much mortgage you can have
-
Debt Calculator
Work out how we can help you manage your debt
Moneyextra.com Dictionary
Second Mortgage
Secured Loans - £25K for 15yrs
Second mortgage is also known as a secured loan - its an additional mortgage taken out on a property where there is already a mortgage.
You may wish to take out a secured loan from a bank or a building society in order to carry out home improvements or you may be taking advantage of the equity in your property to raise funds to set up in business.
The rate of interest on your second mortgage is likely to be higher than that of your first mortgage to reflect the fact youre borrowing more heavily and so deemed to be a higher risk to the lender.
Although both of them are secured on your property the legal charge of a second mortgage ranks behind or second to the "first" mortgage making it a higher risk for the lender.
Compare Mortgages now
©Moneyextra.com
Moneyextra.com recommends you take independent financial advice before acting on any article
Back2009-02-17 00:00:00 © Moneyextra.com
Second mortgage is also known as a secured loan - its an additional mortgage taken out on a property where there is already a mortgage. You may wish to take out a secured loan from a bank or a building society in order to carry out home improvements or you may be taking advantage of the equity in your property to raise funds to set up in business. The rate of interest on your second mortgage is likely to be higher than that of your first mortgage to reflect the fact youre borrowing more heavily and so deemed to be a higher risk to the lender. Although both of them are secured on your property the legal charge of a second mortgage ranks behind or second to the "first" mortgage making it a higher risk for the lender. Compare Mortgages now ©Moneyextra.com Moneyextra.com recommends you take independent financial advice before acting on any article 2009-02-17 00:00:00 © Moneyextra.com