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The following article was published in our article directory on December 28, 2020.
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Why You Need Mortgage Advice To Get a Second Mortgage

Article Category: Advice

Author Name: David Farrell

Even if you�ve already successfully bought a first house, you should seriously consider getting mortgage advice if you�re planning to buy a second property. Getting a second mortgage has many challenges and risks that a professional mortgage adviser can help you overcome.

The type of second mortgage you need depends on the purpose for which you are buying a second property. In the sections below we will discuss three different types of mortgages you may need.

Second Residential Mortgage

If you plan to buy another property to live in, you need to get a second home mortgage. This works the same as your original mortgage, but using the new property as the loan�s security.

The challenge of getting a second mortgage is that lenders are aware you already have a current mortgage. Thus, you have to demonstrate that you can afford to pay off two mortgages.

In order to determine your affordability, lenders will look at your expenditures as well as your income. Even if you have a lot of disposable income, if your expenses are high, you may have difficulty securing another mortgage.

Rent-to-Let Mortgage

Getting a mortgage for a rental property is different from getting one for a second home. It is a specialized mortgage that is set up so that your monthly payments will only cover the interest on the loan.

At the end of the term you will have to pay off the capital in full. You can do this through selling off the property or other appropriate repayment method.

If you have a second residential mortgage and decide to rent out the property, you must get the consent of the lender first. If they allow you to, they may charge you an administration fee.

Let-to-Buy Mortgage

This third category of mortgage is for homeowners who do not want to sell their current home but are buying another house to live in. A let-to-buy mortgage allows you to rent out your old home to pay your existing mortgage, while getting another mortgage for your new property.

The main difference between let-to-buy and buy-to-let mortgages is that people taking out the latter are specifically looking to buy an investment property to rent out. With let-to-buy, the homeowner is currently residing in a property but wants to move to another one.

The let-to-buy mortgage covers your old property, and lets you borrow an amount higher than your current mortgage based your home�s appraised value. Meanwhile, you get a second residential mortgage for your new property.

How a Mortgage Lender Can Help

A mortgage adviser will look at your needs and your financial circumstances, and explain which type of mortgage best meets them. They will then advise you on how much of a mortgage you can afford.

They will also work with you on preparing your application to increase your chances of being approved the first time. They can tell you what documentation is required so that you can start gathering it.

Whatever type of mortgage you require, it is always a good idea to look for professional advice. Getting good mortgage advice can save you money in the long run by getting a more affordable loan with cheaper rates.

Keywords: Income Protection, Mortgage advice

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