Second Mortgages - common Home Equity Questions

According to Barry Donovan, a financial counselor and writer for Nationwide, "One of the most marvelous cash vehicles driving our cheaper is the new and improved home equity loan." If you haven't put the equity in your home to work for you yet, you probably have a few questions about taking out a 2nd mortgage.

How do I get a second mortgage?

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Just like any other reputable mortgage product, tapping into the equity on your house will involve your credit score, your income, and other consumer debt. The value of your home will also factor into the equation. Of course, you will have a more thoughprovoking time qualifying if you have bad credit or heavy debt.

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Mortgages Less Affordable Than At Any Time In The Last 15 Years

Mortgages are getting less affordable, agreeing to figures released by the Council of Mortgage Lenders, meaning that more people will struggle to keep up their repayments in the arrival months.

Interest payments now inventory for the largest proportion of mortgage holders' incomes than at any time over the last 15 years, with first time buyers struggling most. Of their net monthly October wage 20.6 per cent went on paying mortgage interest, a rise of 0.2 per cent in only a month. That is the highest it has been since 1991, the Cml revealed.

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Home-movers also spent more on their interest payments, with the Cml recording an median 17.6 per cent of net monthly wage used to declare home loan interest in October. That shows a wee increase on the old month's total of 17.5 per cent, and is now at the highest level since 1992.

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