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Second Charge

A second charge bridging loan is secured by property which a mortgage has previously been granted.

estate planning 09 Bridging Finance
estate planning 10 Bridging Finance

Bridging Finance for Second Charge

A second charge bridging loan is a type of short-term loan secured by property on which a mortgage has previously been granted. Second charge describes how the lenders’ charge on the secured property is ranked second in priority, following the first mortgage lender. 

 Second charge bridging loans have various applications, but its main purpose is to give borrowers access to funds so they may complete a purchase of property before an existing property sells. If you need to complete renovation work to the property before selling and you have a good 1st charge mortgage rate, this is where a second charge would also work.