There are several reasons why a second mortgage might be worth considering:
Releasing funds for a second mortgage depends on how much equity you have in the home and this is where specialist mortgage advice in London may be able to help. Lenders have a standard variable rate which is also called Lender’s basic mortgage.
Once you understand that each lender has its own standard variable rate set, then you understand the need for shopping around to find a better offer. You can also opt for a further advance with your existing Lender.
If you live in a property and want to move elsewhere then Let to Buy option is for you. It helps you in moving home in London as well as lets you keep the ownership of your existing property for you to rent it out later. Your second mortgage will be for a new residential mortgage.
Being a parent, you are considering and looking for ways to help your children or grandchildren find a place on the property ladder. There are many routes that can assist you in purchasing home for your child.
Looking for a new home while having your name on an existing mortgage occurs in situations when an individual is getting divorce or separation.
Before making any decision about second mortgage, make sure you have right people advising and helping you through it. Your dedicated mortgage advisor will be able to help in checking thousands of mortgage offers on your behalf and proposing the most acceptable offer to you, based on your personal circumstances.
Date Last Edited: January 19, 2023