There are many reasons why someone may want to gain access to a large amount of cash. Perhaps they want to travel the world in retirement, or go back to school, or renovate their kitchen or bathroom. Whatever the reason, many homeowners choose a second mortgage as their preferred means of obtaining the money they need. But what are second mortgages in Beckenham and who is eligible? Let’s take a look.
What are Second Mortgages in Beckenham?
The second mortgage is a lien taken out against your already mortgaged property by a lender. When someone has a “lien” on your property they have the right to seize it from you should certain circumstances arise, specifically in this case, non-repayment of the second mortgage.
The lien is against that portion of your home that you have already paid off. This prospect does not thrill some people and so they seek other options for raising the funds they need. But if you’re still interested in a second mortgage, read on.