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Mortgage secured on another property

d6oby
d6oby Posts: 3 Newbie
in Mortgages & endowments
I currently have my own property but am looking to purchase another and was wondering if it is possible to have the new one secured on the property i currently have.

Thanks

Comments

  • d6oby
    d6oby Posts: 3 Newbie
    anyone able to help
  • dimbo61
    dimbo61 Posts: 13,727 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Do you have an existing mortgage on the property ?
    How much equity do you have in the property ?
    If you want to buy a second property are you planning on renting it out ?
    Income, debts, age, job, plans etc need to be considered
    So either give more details or speak to a whole of market mortgage broker
  • d6oby
    d6oby Posts: 3 Newbie
    Hi,

    I currently have a property worth 160k and has a motgage of 100k left.

    I am looking to buy another property as a buy to let.

    Valued around 80k-100k

    earn around 32k a year
  • GMS
    GMS Posts: 5,388 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    No it isnt possible.

    Why were you looking to do this?

    Do you have a deposit for the new purchase?
    I am a Mortgage Adviser
    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.
  • holly_hobby
    holly_hobby Posts: 5,363 Forumite
    1,000 Posts Combo Breaker
    No you can only have 1 residential (1st charge) mge on 1 property at a time.

    Your mge application for you new pch will be on the new property.

    Which house do you intend to live in ?

    Do you intend to let one of the properties, if so which one (new one or current one) ?

    Bit more meat on the bones will ensure we give appropriate comments and guidance.

    Hope this helps

    Holly
  • _Andy_
    _Andy_ Posts: 11,150 Forumite
    d6oby wrote: »
    anyone able to help

    You could try waiting more than an hour
This discussion has been closed.
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