Can I have a Second Mortgage?
Can I get a second mortgage?
The answer is; Possibly…there are many situations that require a person to have more than one mortgage…
We can help with this!
We’ll try and run through reasons for 2 mortgages here:
- Do you want help to raise money on your existing home?
- Are you looking to rent out your existing home and purchase a new one?
- Are you looking to help your children out?
- Do you require help with purchasing a buy to let property?
- Are your name on an existing mortgage and you are looking to buy a new property?
Raising Money with 2 Mortgages
If you have equity in your home and are looking for a second mortgage to release some of this to fund a purchase or anything else then we can help.
For this purpose it can also be referred to as a secured loan.
Quite often at this time if you are currently on a lenders standard variable rate, we are able to shop around and find a more competitive deal at the same time as releasing capital. A further advance with your current Lender is also an option.
Renting Out Existing Home to Purchase a New one
If you are looking to move house but keep hold of your existing property with the view to let it out we may be able to help. Mortgage number 2 will be a new residential one. This type of move is known as a let to buy and is becoming increasingly popular in recent years.
Purchasing a Home for your Children
If you are exploring the options available to you of helping your children or grandchildren with getting on the property ladder there are now many products that we can run through to achieve this.
Buying to Let
If you are looking to purchase a buy to let, we may be able to help. You will be asked to produce a higher deposit for this than a residential mortgage. To read more about Buy to Let please click here.
Named on Existing Mortgage and Want to Buy a New Home
Are you currently named on another mortgage and would like to purchase a new property to live in? This is a situation that I come across on a regular basis especially due to divorce or separation and can often help.
Whatever your situation being to get a second mortgage, being a Mortgage Broker we am able to search 1000’s of mortgage deals on your behalf and recommend the most suitable product for you based on your individual situation.
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