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Second Property Mortgage
AndyMOT
Posts: 3 Newbie
I have been investigating purchasing an additional property to live in during the week due to a change in jobs; I do not want to sell my other property though.
Between my partner and I, we have in excess of £40k for a deposit, however, we have been informed by 2 major lenders (Barclays and HSBC) that they will only lend mortgages to people with an LTV of 80% or greater. The flats that we are interested in are up to £260k.
Are there any lenders that will consider lending at 85%?
I'd be grateful for the sage MSE wisdom.
Kind Regards
Andy
Between my partner and I, we have in excess of £40k for a deposit, however, we have been informed by 2 major lenders (Barclays and HSBC) that they will only lend mortgages to people with an LTV of 80% or greater. The flats that we are interested in are up to £260k.
Are there any lenders that will consider lending at 85%?
I'd be grateful for the sage MSE wisdom.
Kind Regards
Andy
0
Comments
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Subject to affordability there are lenders who would consider.
A broker would be useful for you with this.I am a Mortgage AdviserYou 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.0 -
GMS - thank you.
I spoke with L&C and they could not find any, though they explained they do not search the whole market.
Are there other brokers who can search the market but do not charge a fee?0 -
Why wouldn't you pay a fee is you get what you want?
Fee free has done nothing for you so far. Not an easy case so any fee is justified.I am a Mortgage AdviserYou 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.0
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