After tackling a tough financial year like 2020, many people can be forgiven for relying a little too heavily on their credit card to cover Christmas expenses. Stepping into January with a fresh start is an enviable position to be in, and with a second charge mortgage, it can be a real possibility.
To make an application for a second charge mortgage, you must be a homeowner already, as this type of mortgage uses your property as security. This solution can offer an alternative method of obtaining funds if you don’t want to remortgage your property or take out a personal loan that is unsecured, or you are unable to do so.
While you must have a home for a second charge mortgage, it is not essential that you are resident at the address. For example, a landlord may be able to acquire a second mortgage when secured against a property that they let to tenants.
Essentially, a second charge mortgage means that if your application is successful, you will have two mortgages. Using the equity that your property possesses as security, you can be granted a loan that can help you pay off the cost of hefty credit card bills you have accrued over Christmas.
For professional advice on the full range of second charge mortgage options open to your individual situation, you can count on our expert team at Ingard.
