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Two mortgage kind of dwelling

English translation: A remortgaged house


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16:19 Oct 3, 2011
English to English translations [PRO]
Bus/Financial - Business/Commerce (general) / Housing
English term or phrase: Two mortgage kind of dwelling
What is three-bedroom two-mortgage house?? What should the mortgage mean in this context???
janejira
Local time: 02:53
English translation:A remortgaged house
Explanation:
It could mean the house is occupied by two unrelated individuals or families, who each own a portion and are paying it off separately, or more likely it means a house in individual ownership where the owner(s) have taken out a second mortgage, i.e, remortgaged the property, to raise funds to carry out extensions/improvements, modifications, etc.
Selected response from:

Oliver Toogood
Grading comment
Yes absolutely
4 KudoZ points were awarded for this answer



Summary of answers provided
4 +3house with two mortgages
AllegroTrans
4 +1A remortgaged house
Oliver Toogood


Discussion entries: 1





  

Answers


3 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +1
two mortgage kind of dwelling
A remortgaged house


Explanation:
It could mean the house is occupied by two unrelated individuals or families, who each own a portion and are paying it off separately, or more likely it means a house in individual ownership where the owner(s) have taken out a second mortgage, i.e, remortgaged the property, to raise funds to carry out extensions/improvements, modifications, etc.

Oliver Toogood
Native speaker of: Native in EnglishEnglish
PRO pts in category: 4
Grading comment
Yes absolutely

Peer comments on this answer (and responses from the answerer)
agree  jccantrell: Second mortgage is my thought. The house rose in value and they took out a mortgage to capture that increase in value.
22 mins
  -> yes indeed!
neutral  AllegroTrans: a remortgage and a second mortgage are completely different - please see my own suggestion
1 hr
  -> If you'd read my explanation....
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1 hr   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +3
two mortgage kind of dwelling
house with two mortgages


Explanation:
I work in this field in the UK, attending Court on mortgage debt cases. The reality here is that many house owners have two mortgages - often with different lenders. The typical scenario is that the first mortgage was obtained to provide funds to buy the house and the second to pay for improvements, pay off personal debts, buy a car, or to borrow money for a business. Until the "credit crunch" there were zillions of companies here offering second mortgages, even to people who were in serious arrears with their first mortgages.

Second mortgage - Wikipedia, the free encyclopedia
A second mortgage typically refers to a secured loan (or mortgage) that is subordinate to another loan against the same property. In real estate, a property can have ...
en.wikipedia.org/wiki/Second_mortgage
Second Mortgage UK - Get a 2nd Mortgage Loan
We compare the UK's leading lenders for the cheapest second mortgage loan we can find. 100's of second mortgages compared to deliver you the best rates.
www.secondmortgage.org.uk - Cached
The Pros And Cons Of A Second Mortgage
There are many reasons why people might want a second mortgage. Most of these have to do with getting their hands on some cash for a particular purpose. Whether that ...
www.adverse-mortgage-centre.co.uk/second-mortgage.html - Cached
Top 10 Second Mortgage Rates UK - Compare Best Mortgages for ...
Compare the best second mortgage rates currently available from every UK lender that offers second mortgages & find the cheapest deal for your 2nd mortgage in minutes.
www.money.co.uk/mortgages/second-mortgages.htm - Cached
Second Mortgage - Information and FREE Mortgage Comparison ...
Looking for a Second Mortgage? - Use our FREE Comparison Service to find the right deal and rates - Enquiry Form for Professional Mortgage Advice
www.fairinvestment.co.uk/second_mortgage.aspx - Cached

AllegroTrans
United Kingdom
Local time: 20:53
Specializes in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 4
Notes to answerer
Asker: Your suggestion is so clear and detailed. Thanx!!! It really helps. You saved my life.


Peer comments on this answer (and responses from the answerer)
agree  Tina Vonhof
6 hrs
  -> thanks
neutral  Oliver Toogood: I would dispute your assertion that 'many' house owners have 2 mortgages
22 hrs
  -> believe me, it's a fair proportion, some even have 3 mortgages
agree  Teresa Reinhardt
1 day9 hrs
  -> thanks!
agree  Veronika McLaren
2 days23 hrs
  -> thanks!
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