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In the Uk if you have a mortgage on the property that you own. Can you get a second Mortgage if you want to bu

ChimDiwan asked:


I want to buy a second property, but already have a mortgage on the property that I live in. I have plenty of money left over every month and want tobuy a second property. I have enough for a deposit, but does the amount that I want to borrow for the second property still depend on how much I owe on the first?

Veronica

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This entry was posted on Thursday, July 23rd, 2009 at 6:27 am and is filed under Mortgage. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

2 Responses to “In the Uk if you have a mortgage on the property that you own. Can you get a second Mortgage if you want to bu”

  1. soozet01 Says:
    July 26th, 2009 at 5:46 am

    Tracy

    i know that when applying for a mortgage you do get asked how much you owe out. and i think it does affect how much you can borrow. if i was you i could speak to a mortgage adviser who can probably help and advise you on mortgage types etc. good luck

  2. hall_ra Says:
    July 26th, 2009 at 11:19 pm

    Jimmy

    You need to talk to a mortgage broker or IFA about this as it may depend on the second property and what you want to do with it. Buy-to-let, in particular, is proving problematic.

    Also consider why you’re buying a second property. Is it as an investment? If so, could you make a more secure income from, say, a bond, that won’t drain more cash?

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