Most people don’t even think about the idea of having two mortgages and people always ask “why would you need two?” The idea of having one mortgage stresses people out, never mind two!
Surprisingly, having more than one mortgage is a lot more common than you think, here are some of the reasons why someone may want a second mortgage:
Sometimes, people who have built up equity in their home may start looking for a second mortgage and this is because they want to release some of their equity to fund another purchase or something else.
Quite often at this time if you are currently on a lenders standard variable rate, we are able to shop around and find a more competitive deal at the same time as releasing capital. A further advance with your current Lender is also an option.
People sometimes move out with the desire to keep their existing home and mortgage. They may want to do this so that they can rent it out. Your second mortgage will now be your new residential one. This type of move is known as a Let to Buy.
First Time Buyers usually struggle with taking that first step onto the property ladder. Usually, Parents and Grandparents see this and offer a helping hand to give them that little boost that they need. For example, they sometimes may move out and offer their existing home to them or start a second mortgage for them (kind of like a gifted deposit)
Current or budding landlords may be interested in a second mortgage for a Buy to Let. This is one of the most common reasons we see for people wanting a second mortgage.
We have been helping Buy to Let landlords for over 20 years now and know exactly how to help you secure amazing Buy to Let mortgage deal. We want to help you next, get in touch for a free Buy to Let mortgage consultation.
Are you currently named on another mortgage and would like to purchase a new property to live in? This is a situation that we come across on a regular basis especially due to divorce or separation and can often help.
Whatever your situation is to get a second mortgage, being an experienced Mortgage Broker in Coventry and having various unique lenders on panel, we are able to search 1000’s of mortgage deals on your behalf and recommend the most suitable product for you based on your individual situation.
Get in touch with a Mortgage Advisor in Coventry today and receive a free mortgage consultation. We can’t wait to hear from you!