Looking for mortgage for 2nd Property

LiloLee

My wife is trying to get a £100k mortgage, based on a £40k full time salary with £50k deposit, to buy a 2nd property as a weekend bolt hole, but not as a buy to let.

She has been turned down by First Direct because it won't be her main property, and Virgin Money eventually turned her down, because the Flat she would like to buy is an apartment in a block with more than 5 levels (6 including basement).

Any suggestions as to who to approach would be gratefully accepted.

Cheers Lee

getmore4less

Broker.

What are the commitments on the first property?
Any other debts.

LiloLee

None on first property as paid off.

As it happens she contacted a broker yesterday, not sure who. Are there and recommended ones?

buglawton

Try some of the independents such as the Coventry.

getmore4less

you want to stop going direct it just makes it harder every time there is a rejection.

getmore4less

Might have been easier to mortgage the main house and buy the holiday home outright.

LiloLee

getmore4less wrote: »

you want to stop going direct it just makes it harder every time there is a rejection.

Yes, that is 3 weeks wasted. This site encourages it to save money, but in the end wasting time feels far more costly.

I did think about mortgaging house number 1.

Anyway many thanks for your responses. Coventry have a branch a couple of miles down the road from where my wife works, so will arrange an interview with them, but of course hopefully the broker will come through.

ViolaLass

LiloLee wrote: »

Yes, that is 3 weeks wasted. This site encourages it to save money, but in the end wasting time feels far more costly.

Does it? I've never felt it discouraged the use of brokers.