Second mortgage UK
A second mortgage doesn't replace your mortgage; rather, it's an additional loan that once again uses your home as security. Banks like them because they're safer than unsecured loans, but payment protection is strongly recommended, because if you fall behind on the repayments you could end up in serious trouble.
Second Mortgage UK
If you need to raise cash, a second mortgage is one of the easiest ways to do it. Essentially a secured loan that uses your home as security, a second mortgage can be used for home improvements, paying school fees or starting a new business - although in the case of business start-ups, the lender will take a very close look at your finances and plans. Lenders like second mortgages because unlike normal unsecured loans, you're using your home to guarantee that the lender will get its money back.