Second-charge loans are secured loans since they use a property that you currently own as security. The property you use as collateral doesn’t have to be the one in which you live. As long as you are the legal owner of the property, it can be used as security for a second-charge loan.
You don’t have to own the property outright. It can be partially owned or even on a mortgage. As long as you have some equity in a property, you can use that as collateral for a second-charge loan.
