Many people think of their mortgage as the most important financial decision they’ll ever make. But what if you could get a second mortgage? A second charge mortgage is an excellent way to consolidate debts or to cover unexpected expenses like medical bills.
It’s also a smart idea in case your first home suddenly becomes uninhabitable due to fire, flood, or another natural disaster.
A second charge mortgage is a secured loan that allows homeowners to borrow extra cash without re-mortgaging or taking out an unsecured personal loan.
If you have at least 15% equity in your home, you can get a second-charge mortgage. IMS can assist you in locating nimbler mortgage providers that are prepared to offer you money that is secured against the value of your property.
Second-charge mortgages are available from several financial institutions, and they often come with lower interest rates than unsecured loans. That’s because the loan is secured against your property. So if you default on the loan, the lender can seize your home to recoup their losses.
You may be able to reduce your monthly mortgage payments by taking out a second charge mortgage. There are several reasons why a second charge mortgage might be worth considering, including:
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