It can be challenging to find a mainstream bank that will offer you a second loan on your property if you want to take out an additional mortgage but have bad credit.
The team of Financial Advisers / Mortgage Brokers here at Platinum Mortgages is dedicated to helping you with your search for the best second mortgage for your circumstances. That means that you won’t have to spend hours trying to perform painstaking research or trawling through complicated financial terminology. The team at Platinum Mortgages will do all the homework for you and take every effort to ensure a positive customer experience, so all you’ll need to do is sign on the dotted line.
The team at Platinum Mortgages has extensive experience helping Kiwis find the right solutions for their mortgage needs. While many people might assume that the only way they can get a mortgage is to go with a large bank, there are actually far more options available.
These include turning to reliable non bank lending options, where specialist lenders assess borrowers whose situations fall outside traditional bank lending criteria.. Every borrower has a different financial situation, and sometimes your best choice for an additional mortgage might be a specialist, smaller lender. This could be the case if you have a bad credit score or have already been rejected by a larger bank. We can help find a lender most willing to work with borrowers in your circumstances and frame your application to boost its chances of success.
The Mortgage Advisers at Platinum Mortgages will always put your best interests first. We’ll work closely with you to find the best loan for your needs, which includes letting you know when a second mortgage is the best solution.
Our team is always on hand to discuss your home loan needs, no matter what your credit score might be. To learn more or schedule a meeting to talk about your financial circumstances, contact our team today.
As New Zealand’s property market continues to heat up and house prices continue to soar, getting a mortgage can feel increasingly out of reach – unless you have a big deposit or equity in another property.
If your bank has turned down your application for additional funds on your existing home loan, a second mortgage can be a cost effective and flexible financial backup option. If your bank has declined additional lending, you can read more about your options on our Bank Said No page, which explains the pathways borrowers in New Zealand may still have available.
The team at Platinum Mortgages can help you get the home loan you need without the pressure of dealing with the bank, especially if the lender holding your first mortgage is unable or unwilling to help you get the additional financial help you need.
A second mortgage is generally used for a short period, between a few months to a few years, to provide additional funding to fix a minor problem. It allows you to retain lending at more competitive rates rather than forcing you to refinance your entire first mortgage.
Regulations and lending standards in New Zealand govern home loans to protect our economy’s long-term health.
These lending rules also influence how much equity borrowers must retain in their property when applying for additional lending, including second mortgages. Lenders typically want to ensure that sufficient equity remains in the property after the new loan is added.
In many cases, borrowers who have built up equity in their home may be able to access funds through a second mortgage without needing to refinance their existing home loan.
Here at Platinum Mortgages, our team of experienced mortgage advisers has access to an extensive range of both bank and non bank second mortgage lenders New Zealand-wide. We can review your situation and advise you on the best option for your circumstances and can even let you know whether there could be an alternative financing option that might be more appropriate for your needs. To discuss your options, get in touch with us today at 0800 536 346.
