Most people don’t even realise that they can get two or more mortgages. The idea of having one mortgage stresses people out, never mind two!
In any case, the good news is buyers who have enough income can carry two mortgage payments at once if they still meet the lender’s criteria. Then you might qualify for two mortgages at once if your credit score and job status are strong.
There are lots of different costs that come with a second mortgage, and there are many various reasons why someone might want more than one:
🏠 Are you looking to rent out your existing home and purchase a new one?
🏠 Are you looking to help your children out with a second mortgage?
🏠 Do you want a second mortgage to raise money for your existing home?
🏠 Do you require a second mortgage to purchase a Buy to Let property?
🏠 Maybe your name on an existing mortgage, and you are looking to buy a new property?
We have in-depth knowledge of Buy to Let mortgage criteria and worked with many lenders, including some specialist ones, each with various lending criteria.
Some people who choose built-up equity in their home might consider looking for a second mortgage, and this is because they want to release some of their equity to fund another purchase.
If this is you and you are thinking about releasing your equity for another mortgage, you will need a deal to transfer. If you are currently on a lenders standard variable rate, we would advise that you shop around before rolling straight onto this rate. You can either shop around by yourself or approach a Mortgage Broker in Leeds, like us.
At Leedsmoneyman, we can search through thousands of mortgage deals through our extensive panel of lenders. We will try our best to find you a competitive deal and, at the time releasing capital. You can continue with your current lender, but you will only access to their limited products. Remember, lenders don’t reward loyalty to offer better deals to First Time Buyers over you.
When people want to move home, they usually replace their existing mortgage with their new one. However, some people may keep their current mortgage and property to rent it out. When this is the case, your second mortgage will be a new residential one.
This option is becoming very popular. Due to inflation and the value of properties constantly rising, First Time Buyers in Leeds find it hard to get onto the property ladder and rely on a Gifted Deposit. We often see that applicants have had help from their parents or grandparents by offering to pay for a new home or at least the mortgage deposit.
If you are interested in purchasing a second mortgage for a Buy to Let, we will be more than happy to help you with that. We have helped hundreds of Buy to Let landlords secure amazing mortgage deals in the past, and we want you to be next.
Are you currently named on another mortgage and would like to purchase a new property? This situation does come around a lot, and unfortunately, it is because of a divorce or separation. Worry not; we can help. Having a Specialist Mortgage Advisor in Leeds by your side could help and take all of the stress off your back.
We can search through thousands of second mortgage deals on your behalf and find the best one for you and your personal and financial situation. Receive a free mortgage consultation today at Leedsmoneyman, your expert Mortgage Broker in Leeds.