There is the option out there for someone to have a second mortgage, however, this all depends on the individual’s circumstances with some situations requiring a person to have a second mortgage. Like with any mortgage, you need to know if you are eligible to do this.
Many people decide to go for this option for a number of reasons like:
In the circumstance where you have built some existing equity in your home, you may look at taking out a second mortgage. You might look to do this so you can release some of the equity to fund another purchase. Our expert Mortgage Advisors in York can help you out with this.
In this situation, a second mortgage is also referred to as a secured loan.
If you are currently on a lenders standard variable rate, you might find that a dedicated mortgage broker, like us, will be able to look around in the hopes to find you a more competitive deal for you along with helping you to release some capital.
Another option that may benefit you is further advancement with your current lender.
When people move home, usually they onto their new mortgage leaving their existing one behind by simply transferring to another deal. On the flip side, you may find that some people prefer to keep on to their current mortgage and property as a way to rent it out. As a result, your new second mortgage will now be your residential one. This is known as a Let to Buy and will only occur when you are moving home in York.
This has become an option that has become increasingly popular. In the current climate of property prices and inflation constantly rising, many First Time Buyers in York have found getting on the property ladder a challenge.
Because of this, many parents and grandparents see their challenging situation and provide a helping hand. You could see this as a different form of a gifted deposit, they could even give them their property and move out themselves.
Sometimes, people look for a second mortgage for a Buy to Let. This is perfectly acceptable, with landlords having multiple mortgage. Through our time providing buy to let mortgage advice in York, we have helped many landlords and built strong relationships with them to find them the best Buy to Let mortgage product. Our team are happy to help do the same for you!
Some of our customers are in situations in which they are currently named on another mortgage and are looking to purchase another property.
Normally, these types of customers are going through a divorce or separation. The good news is that we have extensive experience and rich knowledge in dealing with these cases. Therefore, one of our open and honest Mortgage Advisors in York will work hard to help you with this.
Whatever situation you are in that would lead to enquiring about a second mortgage, we can help you as a fast & friendly Mortgage Broker in York. We have access to a large panel of lenders which allows us to search through 1000s of mortgage deals for you.
This means you will be provided with a service where you will be recommended the most appropriate product that is perfect for your situation.
Date Last Edited: December 19, 2023