Second mortgage - The taking out of a mortgage on a property which is already mortgaged. This can be used to raise capital if the property has significantly increased in value and would involve finance companies rather than banks or building societies. Since the first mortgagee (lender) usually holds the deeds of the property, the second mortgagee will carry a higher risk and thus charges a considerably higher rate of interest.
Second mortgage : the taking out of a mortgage on a property which is already mortgaged. this can be used to raise capital if the property has significantly increased in value and would involve finance companies rather than banks or building societies. since the first mortgagee (lender) usually holds the deeds of the property, the second mortgagee will carry a higher risk and thus charges a considerably higher rate of interest.
Second mortgage