How Can I Get a Second Mortgage?

Once you’ve got onto the property ladder, and you’re feeling more comfortable and secure about your financial outlook, some homeowners start to think about investing.

When it comes to investing in property, some homeowners want to be able to make improvements to their current house, whilst others prefer to branch out and purchase a second property. Whether that’s as a holiday home, a buy-to-let* or even a commercial property* for a business start-up, before even considering such a prospect you’ll want to know that it’s plausible. For many, investing in property relies on bagging a second mortgage – but is it even possible?

We’re revealing how you can get a second mortgage in this guide.

Here are a few tried and tested ways you can improve your chances of securing a second mortgage:

• Remortgaging to get a second mortgage

Remortgaging your current home can be a great way to get a second mortgage, if you have the equity. This option may allow you to raise funds to invest in a second home to rent as a buy to let.

• Check the health of your finances

Remembering that a second mortgage is a new loan rather than an extension of your current one, your finances should be in good shape before approaching any lenders. There are tougher restrictions and checks for second mortgages, and so making sure your credit score is good, lowering your regular expenditure wherever possible, and proving that your income can handle two mortgages are all things you should check.

If you’re looking for a second mortgage to make home improvements or buy another property, speak to Agentis today to secure your free initial consultation. 

As ‘Whole of Market’, we are expert mortgage advisors with access to a wide range of lenders. As a family-run mortgage broker located in Peterborough, we deliver a friendly service that goes the extra mile to make the process of finding a mortgage easier. 

*Not all Buy to Let Mortgages are regulated by The Financial Conduct Authority.

*Commercial Mortgages are arranged by Introduction Only. Commercial Mortgages are not usually regulated by the Financial Conduct Authority.