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Finding You The Best Remortgage Deal To Buy a Second Home

When it’s time to buy a second home, look no further than us for a mortgage adviser. We take the stress out of your mortgage deal, so you can focus on what matters.

Your home may be repossessed if you do not keep up repayments on your mortgage. When The Bank Says No is a mortgage broker, and not a lender.

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Finding You The Best Remortgage Deal To Buy a Second Home

Thinking of remortgaging to purchase a second home? You’re not alone; many people consider releasing equity when it comes time to invest in additional properties. Whether you want to purchase a holiday home for your downtime, or a place in the city to stay in during the working week, we can make your future plans happen. Our team of friendly, experienced remortgaging advisors have an intricate understanding of the market for these kinds of products. We’ll help you navigate the process successfully, and seek out the right option for your circumstances. Let the property search begin!

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Making your plans possible.

Getting your head around remortgaging can be frustrating – especially when you just want to go ahead and buy your second property! Our friendly team is here to help take the stress out of the process and will work fast to make your plans achievable as soon as possible. From helping you navigate the potential implications and finetuning your application, we’ll deliver the most suitable result for you.

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In order for us to assess your credit history and suitability for different mortgage products, you will need to check your file.

Can I remortgage to buy a second property?

Yes! Processing a remortgage to buy another property to purchase a second home is a popular option, and is perfectly possible provided you have sufficient equity in your current property. Doing so enables you to borrow money against your existing property which can then be used for a deposit on a second or holiday home. This will, however, significantly increase your monthly repayments.

There are several things to consider when you remortgage to buy another property, however. For example, early repayment charges due to your existing mortgage. As such, we advise that you get in contact with us.

If you want to talk through the options available, our advisors can help you work out what you can borrow and find the best specialist lenders and deals available within your circumstances. Talk to us!

My deposit for my second property is in my house. How can I get a mortgage?

Yes, raising a large enough deposit for your second property can be tricky, and remortgaging is a possible solution to this challenge. If you have enough equity in your current home, accessing the tied-up cash can enable you to move forwards with your new property investment plans. However, it’s important to think through all the implications before proceeding, as this deposit will be secured against your current property. Specialist remortgaging guidance will mean you move forwards with your future plans with your best foot forwards, avoiding being blindsided and slowed down by things such as an early repayment charge.

Turning Your Nightmares Into Dreams

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When you think you’ve hit that brick wall and have all but given up hope of finding mortgage finance, When the Bank Says No are here to turn your ‘No’ into a ‘Yes’. We have access to a range of specialist lenders who are willing to help those that the High Street banks just won’t touch. Get in touch today and see how we can turn your dreams into a reality.

How much equity do I need to have in my property to remortgage to buy a second home?

How much equity you have is very important when remortgaging, as having low equity drastically reduces your chances of being accepted for a second mortgage. Normally, you would be required to have at least 20% equity in your home to be approved. However, there are lenders out there who will let you borrow up to 95% of the property’s value when remortgaging. The maximum amount you can borrow will depend on the lender’s criteria, your credit score, your income, your monthly outgoings, and your affordability. When attempting to borrow at a higher Loan to Value, it’s usually better to have a clean credit history. However, don’t worry if you do have adverse credit; our expert mortgage brokers will work within your circumstances to find the best deal for you. Why not get in touch today?

What factors enable me to access equity?

Here are some of the factors that enable you to access equity:

  • Property Appreciation – Property value increases over time, and alongside it, so does how much equity it has within. Get in contact with an estate agent to find out how much your property is worth, especially after home improvements have been made.
  • Rental income – Rental income that is consistent can demonstrate to mortgage lenders that you’re a low-risk-borrower. Strong rental income history increases the likelihood of being accepted to access equity.
  • Having enough equity – Not having enough equity will bar you from access to it in itself.
  • Mortgage repayments – By consistently making mortgage repayments and reducing the outstanding balance of your loan, you can build up equity on your property, allowing you to access more of it when you remortgage to buy another property. Making more mortgage repayments will also lower the early repayment charge you’ll need to pay.

Frequently Asked Questions

Can I remortgage my home to purchase a second home and make home improvements?

Yes, remortgaging for multiple purposes is possible. If you want to release equity to purchase a second home and complete renovation work, there are lenders out there who will be happy to review your application. When deciding whether to approve you, lenders will look at the amount of equity you have, your credit history, your affordability and your overall risk profile. If this is the route you want to go down, having an experienced mortgage advisor at your side can make all the difference to your chances of success. For help approaching and gaining approval from the most suitable lenders the first time around, contact us today!

Yes, bad credit doesn’t mean remortgaging is off the table. In fact, there are specialist lenders out there who will be more than willing to review your application. Your chances of approval will depend on the frequency and severity of your bad credit, as well as how recently it took place. However, approaching the right lender the first time around will make acceptance much more likely. If you want to talk through your options, give us a call with your credit report, ID and income documents handy and our advisors will provide bespoke recommendations on the best way forwards. With When the Bank Says No, our advisers will be about to put you in contact with specialist lenders that will allow you to achieve your dream home, even with bad credit status.

Self-employed people can sometimes feel misunderstood by the mortgage market. The good news is, there are lenders out there who specifically look to provide remortgaging loans to people like you, so you don’t have to worry that your property investment plans are out of reach. The process for remortgaging to purchase your second home will be similar to that which you encountered when applying for your first mortgage. You will need to supply 2-3 years worth of income evidence so the lender can assess your affordability. If you have only recently gone self-employed, this will all be new to you! Don’t worry; our friendly advisors are here to guide you through the process, and connect you to lenders who are happy to consider applicants with only 1 year’s accounts. Find out more about self-employed mortgages here.

Remortgaging a second property if it’s an investment property is actually a common property purchase amongst investors to release equity. Typically, if you remortgage one of these properties, you’d need to apply for a buy-to-let mortgage. Mortgage lenders will assess the following factors:

  • Property value and rental income potential.
  • Credit rating, history and financial stability.
  • Experience as a landlord or property investor.
  • The loan-to-value ratio, meaning a per cent of the property value that you want to borrow.
 

Yes! More and more people are choosing to take holidays in the UK, and buying a holiday home is a popular investment. Though some do so using cash or taking out a new mortgage, many people choose to remortgage their current home instead. Provided you have a sufficient share in your home, releasing equity provides an easy way to drum up the necessary cash to make the purchase happen. Get in contact with our mortgage adviser today to get the best possible bespoke deal on your holiday home.

Yes, it’s entirely possible to take out a buy-to-let mortgage with the intention to turn your second property into a rental property. You will need to inform your current mortgage lenders as to your intentions. This may result in them granting you consent to let, allowing you to keep your current mortgage whilst letting the property. However, if your current mortgage lender does not give you this right, you may be asked to change your existing mortgage to buy-to-let.

That being said, there’s no reason to take out this buy-to-let with the same lender. If the terms assigned to your new property are not in your favour, you can always take out a new mortgage with another company. Nonetheless, make sure you get in contact with us. Our mortgage advisers will help you find the best possible terms for your new property.

Remortgaging a second property that happens to be a commercial property is similar to a residential mortgage – but there are some differences in process and lending criteria.

Mortgage lenders will assess the following:

  • Property size, location, and condition.
  • Type of commercial property (for example, an office or retail business)
  • Credit history and financial stability
  • Financial performance of the business, so long as it’s owner-occupied.
  • Rental income generated from the business property.
 

Expert advice for remortgaging to buy a second property.

When the Bank Says No is a team of mortgage experts and remortgaging specialists. We’ve helped people far and wide kickstart their future plans by releasing equity from their current home. As fully independent market brokers, we provide our customers with access to the most appropriate remortgaging deals around. With an honest, friendly approach and plenty of tips and tools to set you up for application success, we’re enabling property investment for people all over the UK.

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