2nd Mortgage

[Wilmslowboy]

The initial message was deleted from this topic on 15 November 2023 at 05:33

[Caddyshack]

Who is the current lender? I think the word "invest’ may have been the trigger. ‘Releasing equity to buy a rental property" would be ok with most lenders.

I am a mortgage broker, feel free to pm me and I can have a chat, I can help with a second charge but that should be the last resort after fully exploring a further advance with the current lender as it will cost more.

[Wilmslowboy]

Caddyshack said:

Who is the current lender? I think the word "invest’ may have been the trigger. ‘Releasing equity to buy a rental property" would be ok with most lenders.

I am a mortgage broker, feel free to pm me and I can have a chat, I can help with a second charge but that should be the last resort after fully exploring a further advance with the current lender as it will cost more.

Sent PM back - cheers

[Sarnie]

Wilmslowboy said:

Any one point to some credible leaders that offer 2nd Mortgages ?

I’m currently at 25% LTV, and below 30% of what my current lender suggests they would lend me, but I was refused (extra borrowings on current mortgage). Reason given was lender does no lend for the purpose I stated, (want to use money to invest in another property project).

Other than lie about the reason for wanting the money (suggest it is to buy a supercar, do a loft conversion….take mrs on an around the world holiday) or shift wholesale to a new lender (which I don’t really want to do)…….I assume my only other option is a 2nd charge mortgage.

I can not borrow on the new property project, as it is to cover development costs in advance.

Sounds like a Nationwide response........

Investing = business use, which most, not all, lenders would decline........

[Portia5]

Wilmslowboy said:

Any one point to some credible lenders that offer 2nd Mortgages ?

This is a brokerage who do what you need:

https://atlasfinancescotland.co.uk/

Ask for Rosie

[Wilmslowboy]

Sarnie said:

Sounds like a Nationwide response........

Investing = business use, which most, not all, lenders would decline........

Santander

Personal use (but yes investment).

[Caddyshack]

Wilmslowboy said:

Santander

Personal use (but yes investment).

They are fine with "buying another property to let out", they just want to know a rough price and some running costs, the key is not to say it’s a big do up project, just keep it simple.