What is a second charge mortgage?

Second charge mortgages are available to homeowners who currently have an existing first charge mortgage.  In the same way as your existing mortgage they are secured against your property. If you take out a second charge mortgage your existing mortgage is the 'first charge' on your property, with our second charge mortgage secured by way of a subsequent, 'second charge'.

Second charge mortgages are often taken out to re-organise personal finances, and can allow customers to consolidate existing debt into easy to manage monthly payments. All applications are considered and assessed individually but you should be aware that when consolidating existing credit this may result in you extending the repayment term of your debt and could increase the total amount you repay.

With a second charge mortgage from Optimum Credit, you can borrow up to £500,000, subject to your individual circumstances and credit checks. This often could be more than you could borrow with an unsecured personal loan - the main difference being that the borrowing is secured against the value of your home.



Think carefully before securing other debts against your property.
Your property may be repossessed if you do not keep up repayments on your mortgage.