Flexible finance to suit your needs

Second Charge Mortgages.

Designed to help you unlock extra funds without changing your current mortgage.

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0161 933 7059

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Your home may be repossessed if you do not keep up repayments on your mortgage.

When it doesn’t make sense to remortgage

A Second Charge mortgage can help you unlock the equity tied up in your home without changing your existing mortgage.

Available on both short and long term products, it can be used in a range of scenarios, including:

Funding home improvements
Consolidating debts into a single, more manageable payment

You keep your existing mortgage in place, borrow what you need, and avoid early repayment charges that can come with remortgaging.

Talk to our expert team to find out if a Second Charge mortgage could be right for you.

Call us on 0161 933 7059 or

Find out how much you can borrow

Max loan-to-value

75% LTV

Monthly rates from

8.50%

Loans ranging from

£30k - £750k

Click here to view our overall cost for comparison

Why people choose Together

People choose Together for Second Charge mortgages because we take a practical, case-by-case approach to lending.

Flexible lending approach

We look beyond the credit score to understand the full picture, including accepting complex and self-employed income.

Faster access to funds

A clear, efficient process helps you access the money you need without changing your existing mortgage.

Wider property acceptance

We consider a broad range of property types and situations, including non-standard homes, helping more customers unlock their equity.

Overall cost for comparison

A mortgage of £96,000 payable over 17 years and 6 months, initially on a fixed rate for 5 years at 8.95% and then on a tracker at 2% above the Together Homeowner Managed Rate (THMR) currently 8.00% (variable), for the remaining 13 years, would require 60 instalments of £943.95 followed by 150 monthly payments of £995.35 plus a redemption administration fee of £100.00. Read more information on THMR.

The total amount payable would be £206,039.50 made up of the loan amount (£96,000)plus fees (arrangement fee (£1,995), broker fee (£1,984) and redemption administration fee (£100), plus interest (£105,960.50).

The overall cost for comparison is 10.5% APRC representative.

The actual rate available will depend upon your circumstances. Ask us for a personalised illustration.

Your step by step guide to a second charge mortgage

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See if it’s right for you

Start with an initial assessment. If suitable, we’ll arrange a call with one of our in-house mortgage advisors.

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Application review and quote

Each case is reviewed manually by an underwriter. We assess your full circumstances, including property type, income and credit history, before providing a tailored quote.

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Valuation and legal checks

We arrange the property valuation and legal work. Your existing mortgage remains unchanged while the new loan sits alongside it.

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Your mortgage offer

If approved, you’ll receive a clear offer outlining your loan, rate and repayments. We’ll talk you through the details so you know exactly what to expect.

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Completion and funds released

Once everything is complete, your funds are released for your intended use.

Calculate how much I can borrow

Do you want to understand the potential cost of your mortgage or loan?

We can give you an idea of the monthly costs with just a few details like the property value, your deposit amount and how long you need the loan to last.

Find out here

Common questions about second charge mortgages

What is a second charge mortgage?

A Second Charge mortgage is a loan secured against a property that already has a mortgage on it. It allows you to release some of the equity you’ve built up without changing your existing mortgage, known as the First Charge.

Unlike remortgaging, the Second Charge sits separately from your main mortgage, so you’ll have two monthly repayments. These can be on different rates, terms, and even with different lenders.

How do second charge mortgages work?

For borrowers, a Second Charge mortgage is a separate loan secured on the same property. You’ll make two monthly repayments, one for your original mortgage and one for the Second Charge. Depending on rates and terms, this may be more cost-effective than remortgaging.

For lenders, the Second Charge gives them a secondary interest in the property. If the property is sold to repay debts, the First Charge lender is paid first, and the Second Charge lender is paid from any remaining funds.

Why might I choose a second charge mortgage instead of remortgaging?

There are several situations where a Second Charge mortgage may be the more suitable option. You might already be on a competitive rate with your existing mortgage and prefer not to lose it by remortgaging. Taking a Second Charge allows you to keep that rate in place.

Remortgaging can also trigger early repayment charges. A Second Charge mortgage lets you raise additional funds without incurring those costs. It can also offer more flexibility in how you repay the borrowing. For example, you may choose a different term length for the new loan, rather than extending or changing your existing mortgage.

As with any borrowing, the right option will depend on your circumstances, so it’s worth speaking to a mortgage advisor to explore what works best for you.

What can I use a second charge mortgage for?

A Second Charge mortgage can be used for a wide range of purposes, including home improvements, debt consolidation, major purchases, or other personal or business needs. Funds are released as a lump sum on completion of the mortgage process and must be used in line with the agreed purpose.

Is a second charge mortgage secured against my home?

Yes. A Second Charge mortgage is secured against your property, which means your home may be repossessed if you do not keep up with repayments. Your existing mortgage stays in place, with the Second Charge sitting alongside it.

Will a second charge mortgage affect my existing mortgage?

No. Your existing mortgage remains unchanged, including your lender, rate and terms. The Second Charge is taken out alongside it using the available equity in your property.

Can I get a second charge mortgage with credit issues?

You may still be eligible. We take a broader view of your circumstances rather than relying solely on your credit score. Each application is assessed individually by an underwriter.

Is a second charge mortgage right for me?

It may be suitable if you want to borrow against your home without changing your existing mortgage, or if remortgaging is not the right option. The best approach will depend on your finances, repayment plans and longer-term goals. Speaking to a mortgage advisor can help you decide.

Does the 75% loan to value include my existing mortgage?

Yes. The maximum 75% loan to value is based on your total borrowing against the property.

This means your current mortgage balance and the new Second Charge loan are combined and must not exceed 75% of your property’s value.

For example, if your existing mortgage already uses 50% of your property’s value, you could borrow up to a further 25% with a Second Charge, subject to approval.

Can I use a second charge mortgage for business purposes?

Potentially. If the funds are for business use, we’ll need to understand how they will be used. This determines whether the mortgage is treated as regulated or unregulated, and what options are available.

What information is needed for debt consolidation?

If you’re consolidating debts, you’ll need details of your existing borrowing before your advice call. This includes credit cards, loans and other commitments, along with balances, monthly repayments and interest rates. This helps us provide appropriate advice based on your situation.

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