Can I take another mortgage on?

Posted on 11 June 2009

Hi,

I am looking at investing in a second home. I currently have a mortgage of £83k on a property worth £115k, but am looking to buy a second house to renovate and sell on. I am looking at a maximum of £50k on the second property.  What are my options for funding this second house? Am I able to take another mortgage out for £50.? MY income is £30k

Thanks

It is, unfortunately, very difficult to give you specific advice on your situation without getting answers to a number of other questions.  Is the maximum you mention a mortgage amount, or a property purchase price?  IS your income from an employed position? How long do you intend to take to renovate the property - could be a case for bridging finance if it is short term.

My advice would be to speak to an independent mortgage adviser who can go through your situation in detail and then provide you with the advice you need. It is certainly possible to do this in theory.

 

Category: Bridging loans, Remortgaging

 

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