Can I Have 2 Mortgages? | Mortgage Advice in Sheffield

Second Mortgage Advice in Sheffield

Most people don’t realise that you can have more than one mortgage. Having more than one is a lot more common than what you would think.

Obviously, having a second mortgage comes with a lot of costs and they can sometimes be hard to manage. Some people are just fine with one mortgage but here are some reasons why people may want a second one or more:

Common reasons for wanting 2 mortgages:

1. Do you want a second mortgage to raise money for your existing home?
2. Are you looking to rent out your existing home and purchase a new one?
3. Are you looking to help your children out with a second mortgage?
4. Do you require a second mortgage to purchase a Buy to Let property?
5. Is your name on an existing mortgage and you are looking to buy a new property?
   

Second mortgage to raise money

Sometimes, people who have built equity in their home may start looking for a second mortgage. Usually, this is because they might want to release some of their equity to fund another purchase or something else.

Are you looking to do this and release equity onto another mortgage? If so, you are going to need another mortgage deal. If you are currently on a lenders standard variable rate, we always recommend in searching for a better deal. Whether you do this on your own or go to your local Mortgage Broker in Sheffield like us, it’s up to you.

What we can do, as a Mortgage Broker in Sheffield, is sort everything out for you and try and find a competitive deal that will match your personal and financial circumstances. We have over 38 lenders on panel, each with their own unique deals that we can access. Once we have found a perfect deal for you, we can get the ball rolling for you and your second mortgage.

Second mortgage to rent out existing home to purchase a new one

Normally, when people move home, they move onto their next mortgage and forget about their existing one, simply transferring across to another deal. However, some people want to keep a hold of heir current mortgage and property with an aim to rent it out. Your new second mortgage will now be your residential one. This process is called Let to Buy and will only come about when you plan on Moving Home in Sheffield.

Second mortgage to purchase a home for your children

This situation comes around quite a lot and is becoming more and more popular. Inflation and property prices are always rising which often leaves First Time Buyers in Sheffield struggling to get onto the property ladder. Commonly, the applicant’s Parents and Grandparents see their struggle and offer their helping hand. It’s kind of like a gifted deposit in a way, they could even give them their property and move out for themselves.

Second mortgage for a Buy to Let

People also look for a second mortgage for a Buy to Let. This is perfectly fine, in fact, landlords can have multiple mortgages. Over our time spent in the Buy to Let mortgage industry, we have helped hundreds of local landlords achieve great Buy to Let mortgage deals and we want to do the same for you!

Are you a current or aspiring landlord looking for Buy to Let Mortgage Advice in Sheffield? We are here to help! We have been working within the Buy to Let mortgage industry for over 11 years now, we know how to find the perfect Buy to Let deals for you.

Named on an existing mortgage and want to buy a new home?

If you are named on an existing mortgage and want to purchase a new property then you should definitely get in touch. These situations can get complicated very quickly, especially if you don’t know what you are doing.

Unfortunately, when this situation comes about, it is mostly due to a recent divorce or separation. We know that getting through these times can be hard so we would love to offer our help. We have dealt this almost every complicated mortgage situation, so getting over this hurdle shouldn’t be a problem.

This is why we always recommend speaking to a Mortgage Advisor in Sheffield. Also, here at Sheffieldmoneyman, we can search through thousands of mortgage deals for you and get you an amazing second mortgage deal. Get in touch today and receive a free mortgage consultation in Sheffield.