Depending on the situation, but often than not yes, a second mortgage is not a substitute for your first one, if you decide to take out a second mortgage, you are going to have two loans against the properties. Here Malcolm has compiled a video to talk to you about the significance of taking out a second mortgage in Manchester.
There are many situations that require a person to have more than one mortgage. We created a list based on a few popular situations our mortgage advisors in Manchester have encountered, as to why two mortgages may be important:
1) Do you want a second mortgage to raise money for your existing home
2) Are you looking to rent out your existing home and purchase a new one
3) Your name on an existing mortgage and you are looking to buy a new property?
4) Are you looking to help your children out with a second mortgage?
5) Do you require a second mortgage to purchase a buy to let property
We have in-depth knowledge of Buy to Let mortgage criteria and worked with many lenders including some specialist ones, all with various lending criteria, for more information check out our Buy to Let Mortgage Advice in Manchester page.
If you have equity in your home and are looking for a second mortgage to release some of this to fund a purchase or anything else, then our team of expert mortgage advisors in Manchester can help. A second mortgage for this purpose is also referred to as a secured loan.
Quite often if you are 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.
Whether you are looking to move to a new house but keep hold of your existing property with the view to let it out we will be able to help. Your second mortgage will be a new residential one. This kind of move is known as a let to buy and has become increasingly popular in recent years.
If you are exploring the options that are available to you, for helping your children or grandchildren with getting on the property ladder there are now many products that our mortgage advisors in Manchester can run through to help you get a step nearer to accomplish this.
If you are looking to purchase a buy to let our team are able to utilise our experience and knowledge to recommend the most suitable Buy to Let mortgage product based on your individual situation. You will be asked to produce a higher deposit for this than a residential mortgage.
Are you currently named on another mortgage and would like to purchase a new property to live in? This is a situation that our team comes 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 Manchester our Advisors are able to search thousands of mortgage deals on your behalf and recommend the most suitable product for you based on your individual situation.
For more information contact us to book your free mortgage consultation, and speak with one of our expert mortgage advisors in Manchester today.