Second charge on property

Brightstar77

I am recently divorced and have an 8 year old child. I am retaining the FMH. I have a low mortgage to value of about 1/3 of the property value.

When remortgaging, I cannot raise enough funds to pay off my ex their proportion of the equity. Therefore, it has been agreed that I will pay part of this when I remortgage and the larger chunk (£55k) when my child leaves full time education at 18. To secure this payment, they are asking for a second charge (1st charge being that of the mortgage lender) be placed on the deeds. 

My question is, I have a fixed 5 year rate secured, when I come to the market in 5 years, will this second charge alienate me from the providers offering the best rate? 

Thanking you for your advice in advance. 

silvercar

The lender will require the second charge holder to agree a deed of postponement. ie the new lender will require to be in pole position, so the second charge holder would have to agree to go back to second place when your existing loan is repaid.