Second Charge Mortgage Calculator
A second charge mortgage is a loan that’s secured against your property, on top of your existing mortgage. It’s a way to release equity from your home without remortgaging your current deal. This type of loan is often used for home improvements, debt consolidation, or other large expenses.
The Second Charge Mortgage Calculator helps you estimate how much equity you could unlock from your home by taking out a second mortgage. It’s a quick way to see how much you might be eligible to borrow, based on your property’s current value and the outstanding balance on your first mortgage.
How Does the Calculator Work?
To use the calculator, you simply need to enter:
- Property Value – the current market value of your home.
- Amount Outstanding on Current Mortgage – how much you still owe on your existing mortgage.
Once you hit “Calculate”, the tool estimates the amount you could raise through a second charge loan.
What Is It Used For?
- Check eligibility for second charge borrowing
- Estimate available equity
- Plan large expenses without changing your main mortgage
- Explore alternatives to remortgaging
This tool gives a rough idea of your borrowing potential, but a lender will still review your full financial situation before approving the loan.