NonBank

Second Mortgage Debt Consolidation

Second mortgage debt consolidation with Non Bank lenders

One of our most common requests is for a second mortgage to consolidate debt. This is a sign of the times, as it is so easy to get additional loans and credit cards once you own a home. There are also the new P2P lender, such as Harmoney, who have lent significant amounts to New Zealanders through a website online.

With stable income, many people cope with making payments on a number of smaller debts, but if you miss one payment or perhaps lose your job, your work hours are reduced, you go on sick leave or a family member is unwell, it can start to snowball and you are robbing Peter to pay Paul.

Covid has also triggered a lot of financial  hardship with lock downs, repayment holidays and significant wage reductions and / or redundancies.

 In these situations, we can assist you consolidate these debts, either with your home loan, but as there are often repayment arrears, a second mortgage or a full refinance may be the best option.

A second mortgage can be a short-term fix, as once you have established a good repayment history, we can then look to consolidate the second mortgage back with a long term lender like a Bank. A word of advice, always approach our team sooner rather than later, as late payments can lead to collections being lodged on your credit report, which are then recorded for 5 years.

Second mortgage debt consolidation with Non Bank lenders

One of our most common requests is for a second mortgage to consolidate debt. This is a sign of the times, as it is so easy to get additional loans and credit cards once you own a home. There are also the new P2P lender, such as Harmoney, who have lent significant amounts to New Zealanders through a website online.

With stable income, many people cope with making payments on a number of smaller debts, but if you miss one payment or perhaps lose your job, your work hours are reduced, you go on sick leave or a family member is unwell, it can start to snowball and you are robbing Peter to pay Paul. In these situations, we can assist you consolidate these debts, either with your home loan, but as there are often repayment arrears, a second mortgage may be the best option.

This can be a short-term fix, as once you have established a good repayment history, we can then look to consolidate the second mortgage back with a long term lender like a bank. A word of advice, always approach our team sooner rather than later, as late payments can lead to collections being lodged on your credit report, which are then recorded for 5 years.