It doesn't really matter, if you are only borrowing 50-65% of the value, the secondary lender will get screwed, as the first mortgage holder is first in line an

It doesn't really matter, if you are only borrowing 50-65% of the value, the secondary lender will get screwed, as the first mortgage holder is first in line and gets paid fully before the second mortgage holder gets a dime. Many US banks are similar...if you have 50% to put down, nobody really cares if you make the payments or not. If you make them, great. If not, they'll foreclose, be made whole (plus lots of fees and interest), and have essentially no risk because the equity is so great and they are first in line.