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.