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2nd mortgages for bad credit: Guide to Mortgages

2nd mortgages for bad credit: Guide to Mortgages

This is a discussion on 2nd mortgages for bad credit: Guide to Mortgages within the Mortgage Know-How forums, part of the Mortgage and Loans Forum category; You also need to bear in mind that the interest payments in respect of fixed rate bmortgages/b can rise steeply ...

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Mortgage Know-How A mortgage is the transfer of an interest in property (or the equivalent in law - a charge) to a lender as a security for a debt - usually a loan of money. While a mortgage in itself is not a debt, it is the lender's security for a debt. It is a transfer of an interest in land (or the equivalent) from the owner to the mortgage lender, on the condition that this interest will be returned to the owner when the terms of the mortgage have been satisfied or performed. In other words, the mortgage is a security for the loan that the lender makes to the borrower.

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12-06-2008, 04:40 PM

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2nd mortgages for bad credit: Guide to Mortgages

You also need to bear in mind that the interest payments in respect of fixed rate bmortgages/b can rise steeply once the initial 'fixed' period ends. Therefore your planning should always include the possibility of sharp changes to future b.../b

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