The regular remortgage is not for everyone. As with anything else, we all have wants and needs that we must have fulfilled in order to live a happy and stress free life, and there is no one product that can please everyone all of the time. If you want to use a remortgage for a personal purpose then a house remortgage is perfect for you, but what if you want to relieve debts that are worth more than the equity that remains in your home, or if you want to finance the purchase of a second property? This is where a second mortgage comes in handy.
The second mortgage is very rare because it means that an individual has two mortgages that are running side by side. It means that the amount of mortgage debt you have will go up, but it also gives you the financial freedom to make investments and sort out your debts once and for all. This could actually set up any financial plans that you have for the future as well as relieve any stress you may feel regarding providing for your family.
However, any individual that is considering taking out another mortgage should be fully aware of the risks. Having a second mortgage can be an extremely heavy burden if you take one out without actually thinking through what you are taking on. In fact, many people bend and break under the massive strain that it puts on them. As long as you have set out all of your financial plans and contingency plans just in case anything goes wrong then there is no reason why one of those people should be you, but bear it in mind.