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This Is Money Warns About Risks Of Second Mortgages

Second Mortgages a risky option for Debt ConsolidationFinancial website "This is Money" recently wrote about the increase in applications for Second Mortgages which were being used to consolidate other debts. In its article it reports that; "Ian McGrail, director of broker firstmortgage.co.uk, says he has seen an uplift in those applying for a second mortgages in 2013."

This is Money goes on to say; "Those who are struggling to already pay their original mortgage are at the highest risk of getting their home repossessed if they take out a second mortgage as they would need to be able to keep up with repayments on both.", and recommends that, "It is also not wise to take one out to consolidate debts. Using a second charge mortgage, which can run up to 25 years, may mean more interest in the long-term. Converting unsecured credit into secured again enhances the chance of repossession."

Read more: http://www.thisismoney.co.uk/money/mortgageshome/article-2418467/Homeowners-taking-potentially-risky-second-mortgages-surge-32.html#ixzz2hOtUj7Al

If you are having problems with keeping up your mortgage repayments, or have multiple debts that are spiralling out of control and may be leading to significant mortgage arrears or repossession, then please call our supportive and helpful team on 01258 818182 to get advice and support with getting back in control, and dealing with your financial worries.
 

 

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