You may find that there are a lot of different circumstances wherein you are eligible for a second mortgage, as well as certain situations where a second person may be required to have more than one mortgage.
Some of these reasons for this can include:You are wanting to take out a second mortgage so that you can raise money for your existing home.
Maybe your name is already on an existing mortgage and you are looking at buying a new property?
If you have any existing equity that is in your home and you are looking to possibly take out a second mortgage as a means of releasing some funds, then our dedicated team of mortgage advisors in York will work hard to try and help you out.
In this kind of setting, a second mortgage is also called a secured loan.
You’ll likely discover that if you are currently on a lenders standard variable rate, a trusted mortgage broker such as ourselves will have the ability to shop around and find a more competitive deal for you, whilst helping you to release some capital.
A further advance with your current lender may also be an option that works well for you.
Perhaps you are wanting to move hold but would like to still retain ownership of your existing property, aiming to utilise it as a buy to let. Speaking with a specialist buy to let mortgage advisor in York will definitely work in your favour if this is the case.
The second mortgage that you end up with will be a new residential mortgage. Doing this is what is referred to in the mortgage world is a let to buy, which is always growing in popularity.
In some cases you might actually be exploring what options could potentially be available to you for helping your children or grandchildren in achieving their own goals of getting on the property ladder.
This is again something that is quite common these days and there are lots of products for people to choose from. Get in touch and this is something we will be quite happy to run through with you.
Perhaps you are looking to purchase a property that is a buy to let in York. In this circumstance you will be asked to put down a much larger deposit than you otherwise would’ve with a residential mortgage.
A lot of the customers who get in touch, tell us that they are currently named on another mortgage and are maybe looking to purchase another property.
Our mortgage advisors in York have come across this often enough to say we are well versed in dealing with a situation like this. A regular comment we hear is that this is due to divorce or separation. A member of our mortgage advice team will work hard to help in any way they can.
No matter the situation you find yourself in that would require a second mortgage, as an experienced, open & honest mortgage broker in York, we are able to take a look through 1000s of mortgage deals for you and on your behalf.
We will do all this so that we are able to recommend the most suitable product for you based on your personal and financial circumstances.