Refinancing / 2nd mortgage query
Discussion
All,
I would be grateful for some advice. I bought my property (central London apartment) about 5 years ago and managed to borrow a fairly large amount though Northern Rock as basically the only question they asked me was “how much do you want to borrow” without checking basics such as my income.
Fortunately the property has gone up in value a fairly decent amount. I now want to take some of the equity out to get back into property development (something I have been doing on the side for over 10 years). However my mtge is nearly 5 x my salary so I am a tad stuck. Thus I was thinking of a 2nd charge over the property in order to release funds.
My questions were:
- is there anyone on PH that specialises in 2nd mtges?
- Is it better to remtge my main mtge 1st thru a normal Bank (my mtge is currently on NR’s SVR). Then apply for a 2nd mtge?
- Or if I apply for a 2nd mtge now will it make make remtging the main NR mtge next year nigh on impossible as they will see a 2nd charge over the property?
Many thanks
I would be grateful for some advice. I bought my property (central London apartment) about 5 years ago and managed to borrow a fairly large amount though Northern Rock as basically the only question they asked me was “how much do you want to borrow” without checking basics such as my income.
Fortunately the property has gone up in value a fairly decent amount. I now want to take some of the equity out to get back into property development (something I have been doing on the side for over 10 years). However my mtge is nearly 5 x my salary so I am a tad stuck. Thus I was thinking of a 2nd charge over the property in order to release funds.
My questions were:
- is there anyone on PH that specialises in 2nd mtges?
- Is it better to remtge my main mtge 1st thru a normal Bank (my mtge is currently on NR’s SVR). Then apply for a 2nd mtge?
- Or if I apply for a 2nd mtge now will it make make remtging the main NR mtge next year nigh on impossible as they will see a 2nd charge over the property?
Many thanks
BrendonJ said:
All,
I would be grateful for some advice. I bought my property (central London apartment) about 5 years ago and managed to borrow a fairly large amount though Northern Rock as basically the only question they asked me was “how much do you want to borrow” without checking basics such as my income.
Fortunately the property has gone up in value a fairly decent amount. I now want to take some of the equity out to get back into property development (something I have been doing on the side for over 10 years). However my mtge is nearly 5 x my salary so I am a tad stuck. Thus I was thinking of a 2nd charge over the property in order to release funds.
My questions were:
- is there anyone on PH that specialises in 2nd mtges?
- Is it better to remtge my main mtge 1st thru a normal Bank (my mtge is currently on NR’s SVR). Then apply for a 2nd mtge?
- Or if I apply for a 2nd mtge now will it make make remtging the main NR mtge next year nigh on impossible as they will see a 2nd charge over the property?
Many thanks
HiI would be grateful for some advice. I bought my property (central London apartment) about 5 years ago and managed to borrow a fairly large amount though Northern Rock as basically the only question they asked me was “how much do you want to borrow” without checking basics such as my income.
Fortunately the property has gone up in value a fairly decent amount. I now want to take some of the equity out to get back into property development (something I have been doing on the side for over 10 years). However my mtge is nearly 5 x my salary so I am a tad stuck. Thus I was thinking of a 2nd charge over the property in order to release funds.
My questions were:
- is there anyone on PH that specialises in 2nd mtges?
- Is it better to remtge my main mtge 1st thru a normal Bank (my mtge is currently on NR’s SVR). Then apply for a 2nd mtge?
- Or if I apply for a 2nd mtge now will it make make remtging the main NR mtge next year nigh on impossible as they will see a 2nd charge over the property?
Many thanks
Yep im and IFA specialising in mortgages of all kinds including equity release when you get there
PM me if you'd like some help it costs nothing to ask, and probably not after either!
Sounds feasable but really depends on your situation.
Best of luck!
Darryl
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