Company law

avni (Querist) 30 September 2015 This query is : Resolved
Query is related with Charge... I am confused between the term second charge and further charge... Does both means the same... Pls explain me with illustration for easy understanding... Second query is if modification is done with the amount of charge by increasing loan amt on the same property would ultimately becomes second or further or it remains first charge........

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K.S.Srinivas (Expert) 30 September 2015
Second charge mortgages are often referred to as second mortgages because they have secondary priority behind your main (or first charge) mortgage.

Any change or variation pertaining to a charge already created will amount to modification of a charge: