Second Mortgage Secured Loans Tenant Loans
Second Charge is an alternative name for a secured loan, so called because the loan is guaranteed or 'charged' on your home, and is the second charge on your home - your mortgage being the first charge.
This is a legal charge on a property that ranks behind a ‘first chargeâ€(tm). A second charge is usually used to secure additional borrowing, such as a second mortgage or a secured loan.
The subsequent charge to the First Charge. See ‘First Chargeâ€(tm).
If more than one loan is secured against a property, the lender with the 1st charge has 1st call on the property in the event of default by the borrower, 2nd and subsequent loans are referred to as 2nd or subsequent charges.
A second lender takes a charge over the property to secure a loan, whilst the first mortgage remains outstanding.
This is a legal charge that is used usually to secure a second mortgage or other borrowings. It will always rank behind a first charge.
A legal charge that ranks behind a first charge, possibly to secure a second mortgage, or a guarantee given to secure other borrowings.
A charge made on a property after a fir st mortgage i.e. a second loan.