Second Mortgages in
If you live in the area of and
are struggling to get some form of unsecured borrowing or your credit rating
has gone down since taking out your first mortgage; a second mortgage could be
an option to consider. The team here at The Financial Solutions Partnership
Limited are happy to offer advice and guidance in order to enlighten our
clients with how second mortgages work and if they are the correct option
regarding certain circumstances.
We pride ourselves on our
unique and professional service which we provide to our clients throughout
; we advise you to know the ins and outs of second mortgages before going
ahead with applying for one. So why not give us a call today?
Advantages Of Second Mortgages
Second
mortgages allow you to borrow a large amount as the loan is secured against
your home, because of this second mortgages often have lower interest rates. We
encourage you to take your loan over the shortest period that suits your
budget; second mortgages can be paid back over up to 25 years. Therefore if you
decide to choose a longer repayment plan for a second mortgage, it reduces the
monthly repayment amount.
How Does a Second Mortgage Work?
Like your first mortgage, a second
mortgage is a loan from a lending
institution. Your current home is used as collateral for the second mortgage.
If you are planning on applying for a
second mortgage, there are many things that should be considered beforehand
such as figuring out if your income can cover the cost of paying the mortgage
over the period of time chosen.
Tips for Applying for A Second Mortgage
Compare mortgages across the market to find the
best deal for you. Consider trying to repay your first mortgage early. Prepare proof that your income can cover two
mortgages. Reduce your spending and cut back on subscriptions and
other bills well before applying.
Call Us
If you are within the area of and
feel as though you could be eligible for a second mortgage and have considered
one thoroughly, then why not give us a call and speak to a knowledgeable
advisor on the best options for you and your circumstances. Call us today on 01206
767678 or 07939 544364.