Your home is an asset which is becoming more valuable with time. While equity constantly fluctuates, the long-term trend for property is that it rises in value. When you take out a second mortgage, you gain access to that value which you can use to fund personal projects or facilitate certain financial goals.
Mortgage & Lifetime Solutions offers a second mortgage plan that is customised to your needs. Our team in Bromley is made of skilled individuals who will help you get the best deal for your situation.
Why Get a Second Mortgage?
Taking out a second mortgage on your home allows you to tap into the equity of your home. Some of the main reasons people take out a second mortgage are:
- A second mortgage gives you access to a larger loan amount.
- A second mortgage often has lower interest rates than other types of loans.
- A second mortgage opens up the possibility of reducing the amount of taxes you have to pay.
- A second mortgage can help consolidate other debts under a single, lower interest rate loan.
Taking out a second mortgage requires professional advice. First you need to know if a second mortgage is the best option for you or if another financial solution is better. If you’re in your more senior years, you may be more interested in a Later Life Mortgage. After you have a clearer view of your options, you need help securing the best deal you can.