Homeowner dreams of the day they will pay off their mortgage, but a growing number of people are checking out with their mortgage broker ready to take a second mortgage. They end up using the money in financing home extensions and IVF treatment instead of looking forward to a mortgage free financial lifestyle. The latest data clearly shows second charge mortgage leading galloping ahead and has leapt to the highest since 2008. 2008 saw the £887m of second mortgages to homeowners a 36% increase 2015 and more thrice the second mortgage in 2011-2011.
Why are people opting for a second mortgage?
I still wonder how to do the homeowners workout with the mortgage, how expensive are they and the downside available. Why can’t the homeowner just get a further advance for the existing mortgage broker?
What a second mortgage?
It’s … Read the rest....