Can I Have 2 Mortgages? | Mortgage Advice In Durham
Second Mortgage Advice in Durham
Most people don’t want to think about having a second mortgage, one already stresses them out enough! Having more than one mortgage can prove quite costly it certain cases. Surprisingly, with that said, they are a lot more people that have more two or more mortgages than you would’ve thought. Here are some reasons why people may want to invest in more than one mortgage:
Common reasons for wanting 2 mortgages:
- Do you want a second mortgage to raise money for 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 with a second mortgage?
- Do you require a second mortgage to purchase a Buy to Let property?
- Is your name on an existing mortgage and you are looking to buy a new property?
Second Mortgage to raise money
Sometimes, people who have built up equity in their home may start looking for a second mortgage and this is because they want to release some of their equity to fund another purchase or something else.
If this is the same situation that you are in and you are thinking about releasing equity for a second mortgage, then you are going to need another mortgage deal to transfer onto. You can either search round for your own deal or go to a Mortgage Broker in Durham and they will sort it for you.
As a trusted Mortgage Broker in Durham, we have over 38 different lenders on panel, each with unique mortgage deals. We can shop around for you, searching through thousands of different deals until we match the perfect one for you and your personal and financial circumstances. Remember that lenders do not reward loyalty and will probably be offering better deals to First Time Buyers in Durham over you!
Second Mortgage to rent out existing home to purchase a new one
This is called a Let to Buy mortgage. Sometimes people want to keep their existing property and the mortgage so when the move home, they keep it with the aim to rent it out. When you are Moving Home and you decide to go down the Let to Buy route, your second mortgage will become your new residential one.
Second Mortgage to purchase a home for your children
More and more First Time Buyers are struggling to take that first step onto the property ladder without a helping hand. We are commonly seeing more and more Parents and Grandparents helping out. The most common situations that we see is 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
Are you interested in a second mortgage for a Buy to Let in Durham? If so, you should speak to a Buy to Let Mortgage Advisor in Durham at Durhammoneyman. We have helped hundreds of Buy to Let landlords secure amazing mortgage deals in the past and we want you to be next.
Get in touch and let’s get the ball rolling for you and your Buy to Let second mortgage in Durham.
Named on an existing mortgage and want to buy a new home?
Are you currently named on another mortgage and would like to buy a new property to live in? This situation always comes about, and unfortunately, it is almost always down to a divorce or separation. In situations like this, 9 times out of 10 we are able to help. Having a Specialist Mortgage Advisor in Durham by your side during this hard time could really help you out.
Here at Durhammoneyman, we are able to search through thousands of second mortgage deals for you. A Mortgage Advisor in Durham will work endlessly until they have that 1/1000 perfect deal for you. Receive a free mortgage consultation today at Durhammoneyman, your expert Mortgage Broker in Durham.