Second mortgages empower a borrower to borrow more money against the same property. Most traditional bank lenders won’t offer them readily, so you will definitely need to speak to a broker or private lender to get one.They also tend to cost more than the average mortgage and this is because of the increased risk to the private lender as they rank behind the first mortgagee.
Your first mortgage / original lender will require a deed of priority which outlines that the first lender and first mortgage has priority to the second lender and second mortgage and that once the first lender is paid back, then the second mortgage lender will be entitled to payment.
