2nd residential mortgage while renovating

Pinklucy88

Hi

We are looking to move and a lot of the houses we are looking at need quite a bit of work done. Having lived on a building site for years in our current home I don't want to do that again.
So we are looking to purchase another house while keeping our current one while we do the building work and then sell our current house and move in the new one.
Can anyone point me in the right direction on criteria/LTV for this type of thing or if it's possible (I assume a few people must look at doing this). We know we can afford the monthly payments on both (house prices are pretty low where we live) but it's a matter of whether the bank thinks the same.
I've tried to do some research on it but just find info on a second mortgage for buy to let or a holiday home.

Thanks :money:

tacpot12

Very few people do what you are looking to do, so you won't find much information or a specific product for this. The lenders will be concerned that if they give you a second mortgage and you can't sell your first house, that you will end up renting it.

You might find that a mortgage broker might be the best source for the mortgages you need.

ACG

Why do you need a second mortgagefor a buy to let or holiday home? If you plan on moving in to the property thats not what you need.

There are a few ways of doing it, it will come down to affordability, the state of the property and a few other things. It could be as cheap as a normal mortgage or up to around 1% a month interest.

Its probably worth speaking a to a broker.

Pinklucy88

Hi ACG

I'm not looking for a buy to let or holiday home mortgage, but that is all that comes up when I search for a second mortgage.

amnblog

You should be searching for mortgage broker, not second mortgage.

What you are suggesting can be done but is not common enough to carry a 'product name' that you can Google.