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Second Mortgage
polly30
Posts: 33 Forumite
I bought a flat last year for 125,000 and currently owe 118,000 on the mortgage. I have now moved in with my partner and im renting the flat but at the moment not veering my mortgage due to being on a high fixed rate. My partner and I now want to sell his property but keep mine as an investment and also because given the drop in house prices I may be in negative equity. I am due to remortgage in February and expect at this stage the rental will cover the cost of my monthly mortgage payment.
We want to apply for a second mortgage to buy a house for 200,000 but only have a 10% deposit, how hard will this be? Our current provider Nationwide have advised we qualify to borrow the money but will need a 15% deposit if we can’t to keep two properties is this consistent with other mortgage providers.
Any advice would be appreciated.
We want to apply for a second mortgage to buy a house for 200,000 but only have a 10% deposit, how hard will this be? Our current provider Nationwide have advised we qualify to borrow the money but will need a 15% deposit if we can’t to keep two properties is this consistent with other mortgage providers.
Any advice would be appreciated.
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