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Second property with 1 mortgage
Nenah12
Posts: 2 Newbie
Hi everyone,
We are looking to buy a second property (conversation project). As it's not residential at the moment or even habitable we've been told it would be best to remortgage our current property. We only have 35k left to pay off on our current mortgage and have that amount in savings so could potentially pay it off and then remortgage although we'd not have a deposit anymore or we will have to remortgage our current property with another lender (our current one won't increase mortgage for purposes of buying second property) and use the 30k as a deposit.
We have no experience of this and any thoughts would be helpful. None of the mortgage brokers we've spoken to have really come across this.
We are looking to buy a second property (conversation project). As it's not residential at the moment or even habitable we've been told it would be best to remortgage our current property. We only have 35k left to pay off on our current mortgage and have that amount in savings so could potentially pay it off and then remortgage although we'd not have a deposit anymore or we will have to remortgage our current property with another lender (our current one won't increase mortgage for purposes of buying second property) and use the 30k as a deposit.
We have no experience of this and any thoughts would be helpful. None of the mortgage brokers we've spoken to have really come across this.
0
Comments
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Sell your existing property and live in a caravan while undertaking the renovation works.0
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