Borrower Beware: What You Need To Know Before You Get A Mortgage
“Don’t get your mortgage where you borrow for any other purpose if …”
If you are in the market for a mortgage, there are some really important changes you need to know about in the world of lending. A frequent guest poster to this blog, David Larock, reviews some significant changes common that are quietly being introduced in many of the Big Five banks mortgage documents in this post on his own blog.
David points to two new clauses that are appearing in the charge terms of the Big Five lenders. If present, these clauses essentially say that mortgagees are pledging their house as collateral against every credit product they have with this bank. If you are in the market for a mortgage, you would be well advised to read his post to understand the possible implications for you.