Hi,
I am running a small scale business here and I am planning to start another branch soon. I have a small saving for that money, but that is not enough to buy the building. So, I think, I have to approach a mortgage broker now. But, I have a lot of things to get cleared. I already have two mortgages now. The first one was secured to buy my home and the second to start my business. The business mortgage was an open-end mortgage and I think I will get more money from them.
What are the formalities for getting more money in this situation? I am also worried about the rate in which I will have to pay after borrowing more money. As I have two mortgages, the monthly payments are too high. Is there any option to borrow money at a lower rate. I have heard that debt consolidation is a better option if we have a large monthly payment of different mortgages. And I came across a mortgage broker offering debt consolidation services.
So, I want to know more about debt consolidation. What are the documents needed for debt consolidation? Is there any risk for consolidating debts? If you know something related to this, please be kind to share it. Waiting to hear from you. Thank you.