A second mortgage is exactly that. For higher-risk lending we sometimes use a bank for the first mortgage (has first priority over the property), and arrange a second mortgage with a finance company
2009
Is it Worth Breaking My Fixed Rate?
Filed under: Interest Rates, Mortgages, Property Buying Tips
If your mortgage is with ASB, BNZ, National Bank or Sovereign – and you have over two years left on your mortgage – then you may financially benefit from breaking your fixed rate.
Nothing these days is straightforward and good older homes are getting harder to find. The advantage of the older home is that remedial works and maintenance can be a cheaper option than having to reclad a leaking newer home
The prudent and wise thing to do is to have as few conditions in the agreement as possible, but make those conditions effective. They need to give you maximum possible protection so that if you find any “horrible things” you can walk away
Because of these leaky building issues, the buying public is now treating monolithic-clad property with much greater caution, resulting in the saleability of stucco homes now being reduced. Many real estate agents simply do not even want to market a stucco home as there is a risk it may fail a building report after they have negotiated an initial agreement.
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