Looking for a Second Mortgage?
Are you looking to up size, down size or buy the next home before your have sold? Maybe you want to rent out your existing property and buy a new owner occupied home?
Is it a good time to review all your existing mortgage structures and rates?
Whatever your need, Wellington Mortgage Brokers can help make it happen and our mortgage broker experts will help you piece it all together.
Guidelines for a 2nd Mortgage
- Equity: The Bank will need to be satisfied with the level of equity in the property being used as security for the 2nd Mortgage.
- Type of Property: Not all properties are treated the same way when being assessed as security.
- Servicing: The total level of servicing for both the mortgage and other financial commitments will be taken into account.
- Repayment: The term of the loan and repayment method is a factor. There will be an assessment made on the borrower’s ability to repay the 2nd mortgage over a certain time period.
We can help you determine if a 2nd mortgage is the right option for you. Sometimes we find we can help clients with more effective ways to get finance.
Want to learn more? Call now 0800 000 518