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second home
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donnatheduck
Posts: 1 Newbie
I currently own my own property (value 120000, remaining mortgage to pay off £67000) which i will be remianing in but wish to buy a property for my parents to live in due to my fathers failing health and inability to use stairs.
I have a reasonable deposite £60000 and looking to get a second mortgage for approx £50000. Is this possible? i plan to pay the second mortgage off within three years when i have a lump sum of cash coming in.
I have a reasonable deposite £60000 and looking to get a second mortgage for approx £50000. Is this possible? i plan to pay the second mortgage off within three years when i have a lump sum of cash coming in.
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Comments
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It is possible, but subject to a bundle load of variables as some lenders are happy with this and some are not.
I would suggest on this case it is worth speaking with a professional..
Good luckI am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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