How to Get a Top-Up on Your Mortgage

Everything Mortgage

English - March 01, 2022 11:00 - 5 minutes - 3.97 MB
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Previous Episode: Can You Still Buy a Home with CCCFA in Place?

Next Episode: When to Reapply for a Mortgage after being Declined?

In this podcast Mortgage Lab CEO Rupert Gough takes you through whether you could - or should - get a top up on your mortgage.

"There are many valid reasons why you might be looking to pull some equity out of your property to use elsewhere. This is commonly referred to as a ‘top up’ on your mortgage.

The benefit of a top-up is that you get cash to spend but in return your mortgage gets bigger. Interest charged means that unless you pay it back reasonably quickly you will end up paying back a lot more money over the life of your mortgage. For this reason, before you ask whether you can get a top up, it is important to ask yourself if it is necessary and worth the long term additional expense..."

You can watch a video on the same subject here: https://youtu.be/gmqp9qm-ZhU

If you are unsure where to start or have any questions, don't hesitate to contact the team at mortgagelab.co.nz/contact-us, we're here to help.

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