A mortgage loan is a loan secured against a property and there are two main types of mortgage loan, those arranged in conjunction with a purchase, and the remortgage where an existing mortgage loan is replaced.
Mortgages are normally secured on a first charge against your property which means the Lender has first call on any funds if the property is sold.
You can also access a secured loan whereby the Lender secures a loan through a second charge on your property. In this situation the Lender with the second charge waits in line behind the Lender with the first charge for funds in the event of a sale.
Second charge or secured mortgage loans are popular in the market as they enable the borrower to take extra funds without disturbing an first charge existing mortgage loan arrangement. Also secured, second charge Lenders can be a little more flexible in their underwriting criteria than first charge Lenders.
Whatever you need in terms of lending against your property we always recommend you use an Independent Mortgage Broker.
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