Second Mortgage Advice in Cambridge
The answer is uncertain, but most often than not yes, many situations require a person to have more than one Mortgage.
Here are some reasons why two mortgages can be valuable?
- Do you want a second mortgage to raise money for your existing home?
- Are you looking to rent out your existing home and purchase a new property?
- Are you looking to help a family member out with a second mortgage?
- Do you require a second mortgage to purchase a buy to let property?
- Your name on an existing mortgage and you are looking to purchase a new property?
Second Mortgage to raise money
If you have equity in your home and are searching for a second mortgage to release some of this to fund a purchase or anything else, then our mortgage advisors in Cambridge can help. A second mortgage for this purpose gets also referred to as a secured loan.
Quite often at this time if you are currently on a lenders standard variable rate, we can 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.
Second Mortgage to Rent out Existing Home to Purchase a new one
If 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 type of move is known as a let to buy and is becoming increasingly popular in recent years.
Second Mortgage to Purchase a Home for Your Children
If you are exploring the options available to you of helping your children or grandchildren with getting on the property ladder, there are now many products that we can run through to achieve this.
Second Mortgage for a Buy to Let
Suppose you are looking to purchase a Buy to Let mortgage in Cambridge, our team can help. You will get asked to produce a higher deposit for this than a residential mortgage.
Named on Existing Mortgage and Want to buy a new Home
Are you currently named on another mortgage and would like to purchase a new property? In any case, this is a situation that our team come across regularly, mainly due to divorce or separation and can often help.
Whatever your situation is to get a second mortgage, being an experienced mortgage broker in Cambridge our advisors can search 1000’s of mortgage deals on your behalf and recommend the most suitable product for you based on your situation.
Date Last Edited: December 6, 2023
