Second Mortgages

Subsequent Buyers / Second Mortgages

As the name suggests, a second mortgage will mean that you have two mortgages on your home. 

There are several reasons for considering a second mortgage. They can be useful for those self-employed who are trying to get some form of unsecured borrowing (like a personal loan), or it could sometimes be more cost-effective than remortgaging – if your first mortgage has a high early repayment charge.

Alternatively, a second mortgage from some providers can be used to start a business.

However, interest rates are often higher on a second mortgage. So it’s important to consider whether you can afford the repayments, and look at other options like remortgages which might be better in the long run.

If you’d like to chat about your personal mortgage plans and the various rates available to you, or would like more info on how second mortgages work, get in touch with our team at TS Partners today.

We can put you in touch with our expert mortgage partners who can compare the best deals for you.

GET A CALL BACK

If you need to speak to us about a general query fill in the form below and we will call you back within the same working day.


    News and Insights

    • 28
    • Jun
    Concerns expressed about the accuracy of HMRC’s £32 billion ‘tax gap’ figure

    On 23rd June, HM Revenue & Customs released its data concerning the ‘tax gap’ for the 2020 to 2021 tax year. The non-ministerial department said that the estimated ‘tax gap’ – defined as…

    • 23
    • Jun
    Heightening demand for freelancers, as firms reduce their permanent staff

    With Thursday 16th June having been National Freelancers Day, it is fascinating to see the recently released data indicating that many firms have called upon freelance skills to an even greater extent…