Can I Have 2 Mortgages? | Mortgage Advice In Hull
Second Mortgage Advice in Hull
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!
Obviously, there are lots of different costs that come with a second mortgage and there are many different reasons why someone might want more than one:
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 you and you are thinking about releasing your equity for another mortgage, you are going to need a deal to transfer onto. 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 Hull, like us.
At Hullmoneyman, we are able to search through thousands of mortgage deals through our panel of 38 lenders. We will try our best to find you a competitive deal as well as 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 so they could be offering better deals to First Time Buyers over you.
Second Mortgage to rent out existing home to purchase a new one
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 with an aim to rent it out. When this is the case, your second mortgage will be a new residential one. When people are Moving House and decide to do this, it is called a Let to Buy.
Second Mortgage to purchase a home for your children
This option is becoming very popular. Due to inflation and the value of properties constantly rising, First Time Buyers are finding it hard to get onto the property ladder. We often see that applicants have had help from their parents or grandparents through them offering to pay for a new home or at least the deposit for the mortgage. This is kind of like a gifted deposit.
Second Mortgage for a Buy to Let
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 local Buy to Let landlords secure amazing mortgage deals in the past and we want you to be next.
If you are wanting Buy to Let Mortgage Advice in Hull, make sure to get in touch and our amazing team will tell you exactly how to get the ball rolling.
Named on an existing mortgage and want to buy a new home?
Are you currently named on another mortgage and would like to purchase a new property to live in? This situation does come around a lot and unfortunately, it is because of a divorce or separation. We commonly see situations like this and 9 times out of 10 we are able to help. Having a Specialist Mortgage Advisor in Hull by your side could really help and take all of the stress off your back.
We are able to 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 Hullmoneyman, your local Mortgage Broker in Hull.