A Second Mortgage
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If you would like more information, or you just want to check to see if we can provide a better non bank proposal, use our online enquiry form or contact us on:

0800 2328 48 (0800 BEAT IT) or CLICK HERE to enquire about A Second Mortgage

Because you can't always bank on your Bank!

How to get a Second Mortgage

A second mortgage is generally a "plan B" when your Bank says NO! Often people turn to the internet for on line help and deal direct with a Finance Company or a Mortgage Broker. Whilst this can be the answer, there are 2 immediate dangers, dealing with a finance company direct means you only have access to “their” products and with interest rates ranging from say 15% to 30% pa, how do you know if your loan is being priced correctly?

The second danger is you may contact a Mortgage Broker who may not have any experience with "Non Bank" or "Specialist Loans". Many Mortgage Brokers do an excellent job and deal with Bank lending only. Any requests for “outside the square” proposals are either left in the "too hard" pile or given to the only lender they know that does second mortgages. Once again, you may not be given the best solution for your financial situation.

Need to know how to get a Second Mortgage now, click here, and we will be in touch with you shortly.

Some things to consider when you are getting a second mortgage are: interest rate, fees ( lender, broker and legals), is it interest only or principal and interest, term and repayment frequency. These can differ from one lender to the next and you can always seek independent advice from your solicitor.

Second mortgages can be used for any legal purpose including the following:

A second mortgage can also be used over a guarantors home. This may help you out, but you are putting the guarantors assets at risk and they will need independent advice from their solicitor.

A "must do" item to consider, when ever you borrow using a second mortgage, is how do you pay it back. If it is over a term with principal and interest repayments, do a budget to make sure you can afford the repayments and still afford to meet normal living costs. If you are borrowing interest only, you still need to do a budget, plus work out how you repay the principal amount at the end of the term. We call this your exit strategy. This may be through sale of your home, sale of an asset or through refinancing.

If wish to apply for a Second Mortgage please complete the form below or email solutions@nonbank.co.nz

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