Second Mortgage Calculator
What is a second mortgage?
A second mortgage is a secured loan taken out against a property where you already have a mortgage. They are also sometimes known as second charge mortgages and homeowner loans.
A second mortgage can allow you to unlock equity from your home for a variety of reasons, including home improvements, buying a car or anything else approved by your lender.
Second mortgages can allow you to borrow more and get better interest rates than is often the case with unsecured borrowing. It can also allow people with a poor credit history to take out a loan when this otherwise would not be an option.
Second mortgages versus remortgaging
Remortgaging is another common way to unlock extra equity from your home, but second mortgages do have some advantages over remortgaging. A second mortgage can be quicker to sort out and allows you to raise extra capital without interfering with your existing mortgage.
If you already have a particularly good deal on your mortgage, a separate secured loan may make more financial sense. However, if you think you could get a better deal that your existing mortgage, remortgaging may be the way to go.
Try our free second mortgage calculator
To find the best deal on your second mortgage, you need to compare a range of deals from across the market. Our free second mortgage calculator allows you to quickly and easily see a range of leading deals from all the top lenders.
To try out the free second mortgage calculator, just head to the top of the page and in the “What is your mortgage for?” field select “Homeowner/Secured loans”. Then all you need to do is fill in the rest of the details about your borrowing needs and the calculator will then match you up with the best deals currently available.