"第二抵押权" can be translated as "second mortgage right" or "second - lien mortgage" in English.
"Second mortgage right" directly emphasizes the right associated with the second - ranking mortgage.
"Second - lien mortgage" is also a common expression in the financial and legal fields, where "lien" refers to a legal claim or right over property as security for a debt, and it clearly indicates the priority position of this mortgage among multiple mortgages on the same property.