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Getting a second mortgage?
3 replies 121 views
My current situation. I have 50% of my mortgage paid off and was thinking of taking out a loan for £25k to do some house renovations.
Now a lovely street both location and size of property a house has become available. The person wasnts to downsize and are not in a chain.
Now my wife is getting back to work after our second child - trying to sort out childcare.
We could stretch and get together the deposit and buy it as a second home. So I am not sure how to proceed.
1) I have been delaying our house renovation for a while but now the tradesman are free I do not want to delay further. However now a house has come on the market I like do I just end this renovation?
2) Can I do the following - take out the loan £25k then put in the offer for a second home and if it's accepted get a mortgage for the second home plus £25k extra and then buy the second home and pay off my loan as the mortgage interest rate is about half that on the loan?
I don't think we will have a problem getting finance as my wife is a GP though she has only worked 1 day a week for the last year. She will need to go back full time obviously.