2nd charge on property
Although this sounds like typical finance jargon, the explanation of a 2nd charge is actually quite simple. A 2nd charge simply means that a loan is “secured” against your property and the reason it is called a 2nd charge and not a 1st charge? This is because the loan comes after your mortgage in the pecking order so if a lender has to reposess your property to get their money back, the loan company can only do that after the mortgage company have got their money first.
