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nubiapoet | Can you have more than one mortgage ? |
That's for 2 properties . A lot of info and assumptions please. I know nothing |
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in vino veritas
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Yes you can have more than one mortgage. In fact you can have as many mortgages as there are people willing to lend you money.
A mortgage is just a loan secured on property. That means that if you don't pay the agreed installments, the mortgage company can take the property to pay off the loan.
If you have a second mortgage, they would also have the right to sell your house if you got into arrears, but their interest would come second to the first mortgagee's. For example, you borrow £10,000 from Bank A, then £5,000 from Bank B. If you stopped paying, either A or B could sell the house to get their money back, but A would get all his money before B. So if the house fetched £12,000 when it was sold, A would get £10,000 and B would get £2,000.
You may also own more than one house. Say you want to buy 2 houses, each worth £100,000, but you only have £150,000 - you need a mortgage of £50,000. You could have one mortgage of £50,000 which covered both houses, two mortgages of £25,000 each or you could just have a £50,000 mortgage on one of the houses.
It's up to you and what the lenders will lend you! |
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Saudi Geoff
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Of course you can, provided you declare them and are able to pay for them both. Talk to your lender. |
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colin050659
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yES AS LONG AS YOU KEEP UP WITH THE PAYMENTS |
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RRM
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Yes, as long as your income, or rental income, is adequate to support both mortgage's. |
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lost
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yes if u have the money to reply both!!!!!!!!!!!! and a BIG deposit!!!!!!!!!!! |
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blackratsnake
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yes you absolutely can but please make sure you have enough funds to cover yourself otherwise both mortgage companies can come down on you! |
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Scott R
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You absolutely can have more than one mortgage. You can have more than one mortgage on one property. If you have two or more properties one will have to be an investment or a second home. You can only have one primary residence, but as many others as you would like.
Scott Rubin
www.choicefinance.net/scott-rubin.htm |
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MB
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Yes - although you'd have to tell the lenders that you already have a mortgage. They will then decide if they feel you are able to keep up with payments on a second mortgage. |
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puzzled?
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it is possible you can take out a second mortgage for things like major repairs etc but the interest rate is usually higher and the sum total of the mortgages cannot exceed the value of your home |
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Dogs'r'us
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Yes, you can, mortgages are given on the affordability to repay. The banks and building societies usually calculate that between 35-40% of your net monthly income is affordable as mortgage repayments.
You can always take out a self certification mortgage for a second property where you simply sign that you can afford the repayments.
Beware of borrowing more than you can afford to repay - if interest rates rise then the monthly payment will also increase. |
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Justin
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Yes, you can have two mortgages on one property. I have even seen instances where my client has 3 mortgages on one property. You cannot have one mortgage on two different properties, though. |
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go_lc_bears
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So a seperate mortgage on two properties? Yea...
One mortgage for 2 properties? Yea...
Two mortgages on 1 property? Yea...
Talk to a mortgage broker, they will look at your situation and do what they can for you. |
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lm050254
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you can have as many mortgages as you qualify for. As long as the down payment is the one require by the mortgage company Also your income, the income produced by the properties and your credit record is a consideration |
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emeraldisle2222
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Don't know much myself either.
But seems that one company would want to hold the deeds for a mortgage advanced on any property. |
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Deano 06
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Am only 19 so i don't know to much about them, but i do know you can have more than one its called a bridging mortgage hope that's helps a little |
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Becky K
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yes so long as u got deposit for morgages and your income or rental income (if you are renting one out) covers the morgage payments my partner and i have 2 morgages at present on our way to getin 3rd |
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