Take a fresh look at your lifestyle.

Second charge mortgage may be ‘cost effective’ option to help with renovations | Personal Finance | Finance


He continued: “Second charges are also a great option for those on discounted rates that are maybe waiting for the opportunity for cheaper fixed rates as the swap rates become less volatile.

“Some of these customers may also have early repayment charges (ERC) on their existing mortgage, so could benefit from a second charge rather than break their discount rate.”

However, Mr Davison noted that while the popularity of a second charge mortgage is clear, there are some considerations borrowers should be aware of before pursuing this option.

What to watch out for

Mr Davison said: “As second charge mortgages run alongside any existing mortgage, borrowers would need to repay both simultaneously.

“If your circumstances change, it’s also important to remember that, having a second charge mortgage may impact you should you wish to remortgage your first loan, move properties, or take out an equity release product on your home.”

For all the latest Business News Click Here

Denial of responsibility! FAECO is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – at loginhelponline@gmail.com The content will be deleted within 24 hours.

Read original article here

Leave A Reply

Your email address will not be published.