Jargon Buster. What is a secured loan(second charge mortgage)?

Jargon Buster: Second Charge Mortgage

A secured loan, also known as a second charge mortgage, uses the borrower’s home as security.

This can be useful for those whose early repayment charges to remortgage are expensive, the self-employed or whose credit rating has changed.

Failing to repay a secured loan can result in you losing your home.

I can help you consider your second charge mortgage options.

YOUR HOME (OR PROPERTY) MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBTS SECURED ON IT.

A FEE MAY BE CHARGED FOR MORTGAGE ADVICE. THE EXACT AMOUNT WILL DEPEND ON YOUR CIRCUMSTANCES.

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