Can I get a second mortgage?

ringley

Hi folks

I'm after some advice, although I think I may be being a bit dim!

We've got a mortgage with 12 years or so remaining, 42k balance. This is halfway through a 10 year fixed rate, so I'm not looking to change it, as there's over £2500 in penalties to pay if I do. We're looking at changing our house around, about £30k of work, and spoke to our lender. The cash advance (or home improvement loan) is classed as a separate loan, and so my mortgage company discussed their mortgage range, but haven't got a great range of deals on offer at the moment.

So, my question is, will I be able to go to another lender and apply for a second mortgage to run alongside my existing one? How likely are they to consider us favourably?

Thanks, and apologies if I should know better!

kingstreet

The preferred route here is additional borrowing, or a further advance from your existing lender.

The alternative is second charge lending, or a secured loan from a non-standard lender at a higher rate.

Although this is known as a second mortgage, it perhaps doesn't fit your concept of getting another "mortgage" product from another high street lender at an attractive rate. That's first charge lending only, I'm afraid.