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.
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!
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.
Maximise your chance of approval with specialist advice from an expert in Remortgage to Buy Second Property
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 notget 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.
Remortgaging to buy second property FAQs.
Remortgage to Buy Second Property Calculator
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.
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.
