Second & Private Mortgages

Alternative Financing & Equity Solutions
Helping you access the funds you need when traditional lending isn’t available.

What Are Second & Private Mortgages?

A second mortgage is an additional mortgage on a property that already has an existing mortgage.

  • It allows you to unlock equity in your home without refinancing or breaking your current mortgage.

  • Second mortgages can be practical when traditional financing isn’t available due to credit challenges, irregular income, self-employment, or special financing needs.

At Thrive Mortgage Co., we connect you with private lenders who offer bespoke mortgage options where standard products aren’t feasible. These solutions may also stretch to commercial properties, farmland, or vacant land refinancing.

How Do They Work?

  • Your first mortgage has priority if you default — second mortgage lenders are only repaid after that.

  • Because this position is riskier for lenders, second mortgages usually carry higher interest rates.

Benefits of a Second Mortgage

✅ Access your home’s equity without selling your property
✅ Typically interest-only payments
✅ Possible bridge financing for down payments (avoid CMHC fees)
✅ Faster access to funds (with less documentation)
✅ Useful for cash flow boosts or life events (repairs, weddings, income gaps, debt consolidation)

When Is It a Good Option?

A second mortgage could be the right choice if you:

  • Need funds but can’t qualify for traditional loans

  • Want to use your home’s equity without selling

  • Are self-employed or have irregular income

  • Face high mortgage breaking fees with another refinance

  • Want to improve monthly cash flow with interest-only payments

Example:
Say credit cards carry $20,000 in debt at $600/month. With a second mortgage, you might pay ~$200/month instead — improving your cash flow while you stabilize financially.

How It Works With Thrive Mortgage

  1. Equity Assessment: We review your current mortgage statement and property value.

  2. Private Lender Match: We connect you with a private lender suited to your situation.

  3. Registration & Funds: A solicitor registers the second mortgage and your funds are transferred.

  4. Term & Refinancing: Most second mortgages are interest-only for a one-year term. At term end, we can help you refinance or consolidate into a better mortgage solution.

Ready to Get Started?

Apply Now or reach out — we’ll walk you through next steps.