0800 2328 48 (0800 BEAT IT) or CLICK HERE to enquire about A Second Mortgage
We receive a number of enquiries for help when either a second mortgage term expires or a borrower gets tired of meeting the extra repayments and believe that their financial circumstances have improved and it is time to refinance a second mortgage to consolidate debts. This may be because some bad credit issues have been repaid or dropped off their credit file history, or clients have re established a good loan repayment history and a period of good account conduct with their Bank. This may then allow the second mortgage to be refinanced back to a Bank and consolidated with a first mortgage at a lower interest rate.
Most second mortgages are refinanced back to a Bank or a Non Bank lender, to place them at a lower interest rate on a principal and interest basis.
Clearly it is in your best interests to repay a second mortgage quickly, so the exit plan is important. Always know your exit plan, how are you going to pay off an expensive loan? Often a second mortgage is a quick solution to a problem, but don’t let it become your next long term problem.