The answer is uncertain but most often than not yes, there are many situations that require a person to have more than one mortgage, here are some reasons why having a second mortgage can be important.
1. Do you want a second mortgage to raise money for your existing home?
2. Are you looking to rent out your existing home and purchase a new one
3. Are you looking to help your children out with a second mortgage?
4. Do you require a second mortgage to purchase a buy to let property?
5. Your name on an existing mortgage and you are looking to buy a new property?
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. A second mortgage for this purpose is also 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.
If you are looking to move house but keep hold of your existing property with the view to let it out we will be able to help. Your second mortgage 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. Please refer to the Let to Buy Mortgage on my website by clicking.
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.
If you are looking to purchase a buy to let our team are able to help. You will be asked to produce a higher deposit for this than a residential mortgage.
Are you currently named on another mortgage and would like to purchase a new property to live in? This is a situation that our team come across on a regular basis especially due to divorce or separation and can often help.
Whatever your situation is to get a second mortgage, being an experienced Mortgage Broker in Leeds our Advisors are able to search 1000’s of mortgage deals on your behalf and recommend the most suitable product for you based on your individual situation.