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Second Mortgage
A second mortgage is an additional loan that is secured against the equity of your home, the first loan being your current mortgage. The value of the property, the equity available, the amount you are able to repay monthly as well as other personal circumstances like your employment status and credit history will determine the terms of the loan.
Second mortgages can be obtained even if you have an adverse credit history or if you are self-employed. A second mortgage usually has a shorter repayment period than a first mortgage. You receive a once-off amount of funds, then you pay back within a given time period, in regular monthly repayments.
A second mortgage can be used for a variety of reasons, the most popular being for debt consolidation and home improvement. As the rates you will be charged (APR %) can vary from lender to lender, it is wise to shop around. This is where our free, no obligation service is invaluable. Fill in our quick and easy one-page form and we will match you to the best lender for your personal situation.
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