Property News · May 12, 2017

Number of second charge mortgages leaps to nine-year high


Debt charity sounds alarm after £93m worth of second mortgages were taken out in MarchThe number of people opting to saddle themselves with a second mortgage has leapt to its highest level since 2008, according to new industry data that has alarmed debt charities.During March, £93m of second charge mortgages were taken out – up 22% on the previous month. The figures show that growing numbers of homeowners are deciding to cash in on the equity in their property by taking out a second mortgage to raise money for a variety of reasons, including financing a home extension, funding a deposit for a son or daughter buying their first home, or even paying a tax bill. Continue reading…

Source : theguardian.com
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