Second mortgages are for the purchase of a second property and are not the same as a second charge mortgage or remortgaging. Obtaining a second mortgage while paying off your first is considered riskier - and will require careful consideration. We can provide clarity to the situation and help you to take the next step up the property ladder.
Common Reasons to Buy a Second Property Own a family holiday home Help a family member get on the property ladder Downsizing retirement plans for the future First Mortgage Vs. Second Mortgage
The process of getting a second mortgage is not so different from the first. One aspect of the process which is likely to be different is the level of scrutiny that lenders will put on your finances. With two mortgages to pay, they will want to be 100% sure that you have the means to pay both mortgages without defaulting on payments. You may need to place a bigger deposit on a second mortgage.
All of these details can be discussed with us, so you fully understand the process of acquiring a second mortgage.
Your home may be repossessed if you do not keep up repayments on your mortgage.