A second charge mortgage can be a loan of anything from £1,000 upwards.A second charge mortgage allows you to use any equity you have in your home as security against another loan. Equity is the percentage of your property owned outright by you, which is the value of the home minus any mortgage owed on it.The average credit card interest rate is around 15%.By comparison, mortgage rates are currently in the 3–4% range.Nationwide Mortgages provides info on "debt consolidation loans" from a refinance loan via a fixed rate 1st or 2nd mortgage lien.
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Many people use them to raise money instead of remortgaging, but there are some things you need to be aware of before you apply. Well, you’re only eligible for one if you’re already a homeowner.
That said, you do not necessarily need to live in the property.
Homeowners who are looking to consolidate their debts have the option of using their home equity to secure a loan or line of credit.
A home equity loan or line of credit allows you to obtain a lower interest rate and a higher credit limit by using the equity you've built in your home as security.