Mortgage Top Up
Mortgage top-up
| YOU organise with your MORTGAGE PROVIDER to borrow money – either by withdrawing equity from your house or by getting a second mortgage. |
| YOU choose your car at the dealership and pay the DEALER with the money you have borrowed from your MORTGAGE PROVIDER |
| YOU repay your MORTGAGE PROVIDER |
| The car is yours and also your responsibility – you pay for repairs/servicing. You can also sell the car when you want. |
| YOU will need to continue paying the MORTGAGE PROVIDER until the loan is paid off. Your house could be at risk if you do not keep up the repayments. |
NOTE: Mortgage loans tend to be over longer periods and this may not match your pattern of car ownership. Watch out for penalty clauses if you try to repay the loan early.
Advantages of mortgage top-up are:
 | low interest rates |
| dealing with an existing lender |
