2nd residentia mortgage

pasok11

We have a mortgage - for about 10 years residential. is it possible to get another residential mortgage?

Slithery

Residential mortgages are for properties that you live in as your main residence. You can't have two main residences.

lika_86

Slithery said:

Residential mortgages are for properties that you live in as your main residence. You can't have two main residences.

Residential mortgages are just for properties you don't let out, you don't have to have them as a 'main' residence. So you could have a holiday home and a home you live in most of the time both on residential mortgages. Whether or not you can afford two mortgages is another matter for consideration.

pasok11

how is affordability is calculated please?

oldbikebloke

pasok11 said:

how is affordability is calculated please?

google?
https://personal.natwest.com/personal/life-moments/buying-a-home/buying-a-second-home.html

https://www.onlinemortgageadvisor.co.uk/2nd-home-mortgages/2nd-property-calculator/

https://www.uswitch.com/mortgages/guides/second-home-mortgages-explained/

https://www.clever-mortgages.co.uk/mortgage-products/second-home-mortgages/

https://www.leedsbuildingsociety.co.uk/mortgages/second-home-mortgages/

other such sites are available (if you look)

AlexMac

Yes; I got "additional borrowing" (a second, extra chunk of mortgage in addition to the existing loan) on my primary residence  from the Nationwide - admittedly several years ago, when I has stacks of equity, still a good bet for them in terms of LTV...

And affordablity is easily calculated on the web tools offered by most lenders.... like the Nationwide...

But then you knew that, or could have got it from Google...

As I said three days ago when you asked another "too easy" question on this forum;  at https://forums.moneysavingexpert.com/discussion/comment/77045718#Comment_77045718
" Please could someone let me know:
- BTL - renting by room - is it possible?
- Is it pssibe to redevelop/ extend and make a 3 bedroom out of 2 bedroom house?" (sic)

But it helps to pass the time during Lockdown! As I said in my 11.57am post today at
https://forums.moneysavingexpert.com/discussion/comment/77051447#Comment_77051447

Lokolo

Yes I have 2 mortgages. However to get the second one I needed to get a revaluation of the house and go through affordability checks. 

greatcrested

Are you talking about a 2nd mortgage on your exising property (to use the money raised for an extension, holiday, 2nd property, whatever), or a mortgage on a 2nd property you are buying? There seems some confusion,...

If the former, then that's an affordability issue as the 2 mortgages are both on your main residence.

If the latter, then only one property will be your main residence - the 2nd one would need a specialist mortgage for a 2nd home.