Second Mortgage

Did you know that once you own a house, even if you haven’t finished paying the mortgage for it, you might qualify for a second one?

A second mortgage or second charge is a secure loan you can take by using any equity you have at that time. For example, if you own a house that has a market value of $300,000 and you still have to pay $150,000 mortgage, your equity is $150,000. The good news? You can use that against another loan. Keep in mind that sometimes, a second mortgage can be cheaper in terms of rates and repayment than renewing your mortgage.

However, on other occasions, a second mortgage might not be the best idea, especially if you’re struggling to pay your first one. To decide if it’s a good option for you, ask specialised mortgage service providers. They can make a personalised analysis of your situation, put you in touch with the right lenders and negotiate on your behalf the best terms possible.

We are more than happy to assist you in making the decision that fits around your budget and your hopes.