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What is a Second Mortgage?
The second mortgage lender becomes second in the queue, so will not get it's mortgage repaid until the first mortgage lender gets it's mortgage repaid (a "financially binding, legal pecking order" is established)
This obviously puts the second mortgage lender in a bit of a precarious position, and the second mortgage lenders interest rate is normally higher then the first lender, to try and balance the risk it is taking.
It may not be necessary to get a second mortgage if it is possible to get a "further advance" from the first, and main lender.
Sometimes referred to as a "top up" loan, it simply means going back to lender number 1 and asking for more money.
It is often the case that second mortgages are taken out by borrowers
who have already approached their first lender and been refused.
In terms of security to the two lenders, the second mortgage lender will not get repaid until the first mortgage lender has had it's debt completely satified (the "pecking order") so expect to have to accept a higher interest rate.
A second mortgage calculator can be found here. Simply type in the amount you want to borrow on your second mortgage, a term of years for the repayment period and an interest rate.
second mortgage broker can be contacted here
Equity Release Mortgages