The Second Mortgage Company is a mortgage broker in Linwood, Christchurch, on Buckleys Road, that works on second mortgages. A second mortgage is a loan secured against a property that already has a first mortgage, so it sits behind the main lender. The business helps clients test whether borrowing this way is suitable before an application is made. Its work covers how much equity is usable, the combined repayments, whether the first lender needs to consent, and the exit plan. It also compares a second mortgage with a top-up, a refinance or a non-borrowing option.
The business has separate pages for debt consolidation, where a dedicated assessment is done, and for non-bank and second-tier lending. Its site lists the uses it will consider, such as short-term business needs and a debt restructure, and the conditions it looks for before going ahead. Its site is run through Platinum Mortgages, and that is where the second mortgage assessment is set out. For a Christchurch homeowner with an existing first mortgage who is looking at extra borrowing, this is a specialist broker to talk to before deciding.