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684 posts

Ultimate Geek
+1 received by user: 66

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  Reply # 1630946 15-Sep-2016 14:12
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BTR:

 

sidders80:

 

BTR:

 

Its a very simple process have just done this with Kiwibank, no lawyers needed, they simply asked how much I wanted to borrow and then got a valuation from QV which they paid for and confirmed I had full insurance. 

 

 

 

One thing to bear in mind is if you are in a fixed term they would need to break this term which would cost you otherwise you could have it setup as a second mortgage. PM me if you would like to discuss privately.

 

 

 

 

 

 

 

 

No they don't. If you are doing a top up it can be a second loan and doesn't need to be combined with the fist loan. It just means two repayments but avoids the break costs as you said. The OP is doing a top up with their existing bank. 

 

 

 

 

You didn't fully read what I wrote did you......

 

 

 

 

Sorry my bad. So we are  both on the same page then. Cheers my friend 





Sid

2944 posts

Uber Geek
+1 received by user: 846

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  Reply # 1630962 15-Sep-2016 14:29
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sidders80:

 

BTR:

 

sidders80:

 

BTR:

 

Its a very simple process have just done this with Kiwibank, no lawyers needed, they simply asked how much I wanted to borrow and then got a valuation from QV which they paid for and confirmed I had full insurance. 

 

 

 

One thing to bear in mind is if you are in a fixed term they would need to break this term which would cost you otherwise you could have it setup as a second mortgage. PM me if you would like to discuss privately.

 

 

 

 

 

 

 

 

No they don't. If you are doing a top up it can be a second loan and doesn't need to be combined with the fist loan. It just means two repayments but avoids the break costs as you said. The OP is doing a top up with their existing bank. 

 

 

 

 

You didn't fully read what I wrote did you......

 

 

 

 

Sorry my bad. So we are  both on the same page then. Cheers my friend 

 

 

Sorry, I don't follow this - have I missed something?

 

A further loan from the same bank can be a separate loan and doesn't necessitate breaking the fixed rate on an existing loan. It may or may not require a new loan document - depending on the nature of the existing loan - and certainly doesn't involve a 'second mortgage' (would only arise if you're dealing with a different lender).


684 posts

Ultimate Geek
+1 received by user: 66

Trusted

  Reply # 1630964 15-Sep-2016 14:31
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eracode:

 

sidders80:

 

BTR:

 

sidders80:

 

BTR:

 

Its a very simple process have just done this with Kiwibank, no lawyers needed, they simply asked how much I wanted to borrow and then got a valuation from QV which they paid for and confirmed I had full insurance. 

 

 

 

One thing to bear in mind is if you are in a fixed term they would need to break this term which would cost you otherwise you could have it setup as a second mortgage. PM me if you would like to discuss privately.

 

 

 

 

 

 

 

 

No they don't. If you are doing a top up it can be a second loan and doesn't need to be combined with the fist loan. It just means two repayments but avoids the break costs as you said. The OP is doing a top up with their existing bank. 

 

 

 

 

You didn't fully read what I wrote did you......

 

 

 

 

Sorry my bad. So we are  both on the same page then. Cheers my friend 

 

 

Sorry, I don't follow this - have I missed something?

 

A further loan from the same bank can be a separate loan and doesn't necessitate breaking the fixed rate on an existing loan. It may or may not require a new loan document - depending on the nature of the existing loan - and certainly doesn't involve a 'second mortgage' (would only arise if you're dealing with a different lender).

 

 

 

 

It will be a new loan separate from the existing loan and would be a new loan document. A second mortgage referred to here is second loan not a second mortgage registered on the title 





Sid

2944 posts

Uber Geek
+1 received by user: 846

Subscriber

  Reply # 1630977 15-Sep-2016 14:37
Send private message

sidders80:

 

eracode:

 

sidders80:

 

BTR:

 

sidders80:

 

BTR:

 

Its a very simple process have just done this with Kiwibank, no lawyers needed, they simply asked how much I wanted to borrow and then got a valuation from QV which they paid for and confirmed I had full insurance. 

 

 

 

One thing to bear in mind is if you are in a fixed term they would need to break this term which would cost you otherwise you could have it setup as a second mortgage. PM me if you would like to discuss privately.

 

 

 

 

 

 

 

 

No they don't. If you are doing a top up it can be a second loan and doesn't need to be combined with the fist loan. It just means two repayments but avoids the break costs as you said. The OP is doing a top up with their existing bank. 

 

 

 

 

You didn't fully read what I wrote did you......

 

 

 

 

Sorry my bad. So we are  both on the same page then. Cheers my friend 

 

 

Sorry, I don't follow this - have I missed something?

 

A further loan from the same bank can be a separate loan and doesn't necessitate breaking the fixed rate on an existing loan. It may or may not require a new loan document - depending on the nature of the existing loan - and certainly doesn't involve a 'second mortgage' (would only arise if you're dealing with a different lender).

 

 

 

 

It will be a new loan separate from the existing loan and would be a new loan document. A second mortgage referred to here is second loan not a second mortgage registered on the title 

 

 

 

 

Ah - @BTR said 'second mortgage' but actually meant 'second loan' or 'second loan agreement'.


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