Top-up Martgage

If you are a homeowner you will be aware that a mortgage is the largest single financial product that you are likely to buy in your life. A top-up mortgage is a way of extending your mortgage to consolidate your debts or to pay for a car or other large purchase. You can pay back short-term debts by getting money secured on your house. Although APRs are low (similar to the APRs charged on mortgages) this type of loan may cost you substantially more in the long run if you pay it back over a longer term. Other charges may be involved in getting this type of loan. These loans – like your mortgage – are secured on your home so it is extremely important that you keep up repayments otherwise your home may be at risk.