2nd Mortgage or Remortgage help

zermattbusby

Hi all... We would like to purchase a second property, however our lender has informed us today, not only are we not allowed a second Mortgage with themselves but also under the T&Cs of our existing mortgage, we can't enter into another mortgage agreement with another company. So would it be feasible to remortgage are existing property with another company borrowing enough money against the one property to cover both properties ?


£70,000 + £90,000 = £160,000 mortgage


Facts :- Existing mortgage £70,000 on a property worth ~ £320,000

Pending property £130,000 less £40,000 (cash deposit) = £90,000

Pending property is basically a long term investment with no plans to rent out.

If any one has any other / better suggestions it would be very much appreciated

Many thanks.

figgles

Sounds odd that they wouldnt let you borrow 50% of the value of one property and then end up with you having 2.

Look around, I did a similar thing with a Virgin One account, had got close to paying off the mortgage on my property and invested again by using my facility to buy a share of a house in London so ended up with a mortgage of approx 55% of the value of one property but in relation to the total value it was more like 30%.