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- Second Charge - |
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Second charge is a legalistic term that refers to the lender who has the second claim on a defaulted loan or, more typically, mortgage should the borrower default. If a homeowner wants to borrow a substantial amount of extra cash and chooses to take out a secured loan or a second mortgage, and then stops paying both, the original mortgage lender (the first charge holder) can repossess the home and sell it to recover the amount lent plus costs and interest. The second charge owner then has the right to claim the remainder. To the borrower, a second charge mortgage is therefore similar to a large secured loan.
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A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
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| Think carefully before securing other debts against your home. Your home may be reposessed if you do not keep up repayments on your mortgage or any other debt secured on it. Loans secured on your home. |
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