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Can I get a 2nd mortgage?
topherknowles
Posts: 18 Forumite
We've found a house we want and have the required deposit saved up.
Our current mortgage isn't portable so we'll be getting a new one when we move, we're not reliant on the sale of the first property to buy the second.
Will a bank or building society actually give us a new mortgage whilst we are still in the first one? I'm confident we could afford both, the intention being to sell the first property eventually.
Our current mortgage isn't portable so we'll be getting a new one when we move, we're not reliant on the sale of the first property to buy the second.
Will a bank or building society actually give us a new mortgage whilst we are still in the first one? I'm confident we could afford both, the intention being to sell the first property eventually.
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Comments
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As long as you have a deposit to purchase the second one and you can prove affordability of both mortgages to a potential lender I can't see any problem with this.
You may wish to consider a penalty-free type product, perhaps a tracker, which would allow you to reduce the mortgage without a heavy cost when you sell the first property?I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, 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. Please do not send PMs asking for one-to-one-advice, or representation.0
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