Can I Have 2 Mortgages?

Second Mortgage Advice in Durham

We do find that many people don’t consider having a second mortgage, having one already stresses them out enough! If you are looking at having more than one mortgage can become a pretty costly option in some cases. Contrary to this, they are an increase in people looking at getting two or more mortgages. Below are some reasons why people may want to invest in more than one mortgage:

Common reasons for wanting 2 mortgages:

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. Is your name on an existing mortgage and you are looking to buy a new property?

Second Mortgage to raise money

In some cases, people who have built up equity in their home may begin looking for a second mortgage and this is due to wanting to release some of their equity to fund another purchase or something else.

If you are in this same circumstance and are thinking about releasing equity for a second mortgage then you are going to need another mortgage deal to transfer onto. Your choices are to either search a deal yourself or contact a mortgage broker in Durham and they will sort it for you.

We have over 38 different lenders on the panel as a mortgage broker in Durham, each with unique mortgage deals. This means we can search through 1000s of different deals until we found a product that is fitting for you and your circumstances. Keep in mind that lenders do not reward loyalty and will and it’s likely they will offer favourable deals to first time buyers in Durham instead of you.

Second Mortgage to rent out the existing home to purchase a new one

This is known as a Let to Buy mortgage. Some people want to keep their existing property and the mortgage so when they move home, they keep it with the purpose to rent it out. If you are looking to move home in Durham and exploring the Let to Buy option, your second mortgage will become your new residential one.

Second Mortgage to Purchase a Home for Your Children

Our expert mortgage advisors in Durham do find that many first time buyers seek help when starting the mortgage journey for the first time. Our team see many parents and grandparents helping out in this situation. The most common case we see if that either the parents or grandparents of the applicant give up their home and move out to get a second mortgage or they actually purchase the second home for them (kind of like a gifted deposit)

Second Mortgage for a Buy to Let

For those interested in a second mortgage for a buy to let in Durham, we do strongly recommend you get in touch with a buy to let mortgage advisor in Durham like ourselves. Here at Durhammoneyman, we have helped many buy to let landlords find mortgage deals that achieve their mortgage goals.

Contact our team to kickstart your process of getting a buy to let second mortgage in Durham.

Named on an existing mortgage and want to buy a new home?

In the situation where you named on another mortgage and are looking to a buy a new property to live in, we may be able to help. Many people look into this option because they are going through a divorce or separation. We strongly recommend you seek the services of a specialist mortgage advisor in Durham who can help you out in this difficult time.

We are to search through 1000s of second mortgage deals on your behalf and your dedicated mortgage advisor in Durham will work hard in finding the product that is perfect for your situation. Book online or get in touch with your expert mortgage broker in Durham for your free mortgage appointment today.

Last Edited - 04/05/2023