Second charge loans are loans where the lender is “second in line” behind another lender if the borrower defaults. They tend to be issued on a short-term basis. The nature of second charge loans means that they tend to be more expensive than standard mortgages. Sometimes, however, it can be worth paying for convenience.
For example, if a home-owner has a short-term need for cash, perhaps for home improvements, then getting a second charge loan can be much less hassle than going through the whole remortgaging process.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
The loan finance mentioned is not part of the Openwork offering. Openwork accept no responsibility for this service.
Appletree Financial Solutions Limited is a credit broker not a lender