can i get a second mortgage? uk ?
i jointly own a house with a friend which we both recently moved out of and are now renting the house out. is it possible to go and get a normal second mortgage with my girlfriend to get our own place? or will i have to remortgage the old one first as a buy to let? have a 30% deposit for second mortgage. cheers
A lot of lender won’t be concerned with your first property if it is let out provided it is ‘self – funding’ (ie. the rent pays the mortgage). They may ask that it covers the mortgage by say 125%.
The second mortgage may be easier to get with a totally different company (especially if the first is on a residential basis and you do not have a consent/permission to let on it).
I would bounce it off a ‘no fee’ broker – at least that way you have the benefit of speaking to someone in the industry who will only get paid for actually doing the mortgage. Hell – if you get on well you may even let the broker look after it all for you.
Most comparison websites capture lead info for mortgage brokers to give you a call.
Good luck!!
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