A second charge is an alternative to a standard first charge re-mortgage. If your client has a low interest rate or early redemption charges on their current mortgages then conducting a re-mortgage may not be the best way to go. Borrowers should be made aware this is an additional charge against their property.
Money can be raised for any personal reasons such as debt consolidation, home improvements, Expanding a property portfolio, Purchasing a car, holidays, school fees, tax bills, business purposes and assisting with investment property purchases.