2nd Mortgage Question

Zero_The_Hero

Hello

Could someone tell me please if when applying for a mortgage (a 2nd in my case) I legally have to tell the lender about my other mortage?

The reason I ask is that I can finacially afford to have two mortages, BUT the amount the lender will lend me is a lot less when I declare the 1st mortage!

Cheers,
ZTH

martinhp

what do you intend to do with your current property

payless

Forms will (usually) ask you to declare other commitments, and often go into more detailed requests about other properties / mortgages and whether they are being sold/ repaid
Answering these questions incorrectly to obtain finance could be classed as fraud

There may be circumstances whereby the lenders will not use the existing debt in their calculations ( assume thats what Martin was leading towards) - BUT you must still answer / disclose as required