Second charge loans, also known as second mortgages, are a type of loan that allows homeowners to borrow against the equity they have in their property while keeping their existing mortgage intact. These loans are secured against the property, similar to a primary mortgage, but they rank second in priority behind the first mortgage lender. Second charge loans can be used for various purposes, such as home improvements, debt consolidation, or funding other financial needs. They provide an alternative borrowing option for homeowners who may not want to remortgage or face early repayment charges on their first mortgage. With second charge loans, homeowners can access additional funds while retaining the benefits of their existing mortgage arrangement.