What do I classify as?

debsy72

Hi
I already have a mortgage, joint with hubby, on my current home but want to buy a second home with a mortgage (not to let). When I'm looking for another mortgage, what do I look under? I'm not FTB, moving home or remortgaging.
There isn't a problem with affordability (enough equity and income) but I don't know where to look. Can anyone help.
Thanks

Cannon_Fodder

What about a deposit?

If you plan to release equity from your current house to provide the deposit on the second property, then you need to start with your existing lender.

They may well be happy to then mortgage the balance of the second property.

Or go to a whole of market broker, if you already have deposit in cash.

RufusA

An MP!

Sorry - couldn't resist!

I believe you are looking for a "Second Home Mortgage", which probably won't appear on many bank / building society pages.

Unless you have plans to let in the future, products available / lending criteria should be similar to a Mover (taking in to account existing mortgage commitments).

Would be worth speaking to a decent whole of market mortgage specialist as they'll have a better idea of who'd be best to approach.

HTH - Rufus.

debsy72

Far from being an MP! Politics does my head in!

We have just been one of the lucky ones who brought our first home in 1996 and moved up the ladder at the right times, then got a lifetime tracker a couple of years ago. I do consider myself very lucky when I read other peoples predicaments.
I have already released equity from current home (still only at 75% LTV) which is sitting in a savings acc awaiting my purchase. My own lender doesn't have very good rates across their range so would prefer to look elsewhere.
Thanks for your replies though.

Mrs_Bumble

You are just a very lucky purchaser!

Income would have to cover all existing credit commitments that you are named on, including existing mortgage.

If that isn't a problem then it is just a mortgage that you are looking for and enquiries need to be made that the lenders are happy that it is for a second home. Might be worth speaking to an independent mortgage broker as they will know what lenders are happiest with this situation.

TroJon

Pretty much considered a home-mover in terms of rates available and under-writing usually.

Having said that, depends where you want the mortgage and where the funds are from- essentially you're getting a second home loan.

herbiesjp

As stated above, as long as your income can support ALL your existing debts, then you can have the two mortgages.

Again, not all lenders agree these, so you are better off talking to a whole of market adviser who would be able to find out very quickly for you