Can we get a second charge to buy a new house?

Posted on 7 March 2013 by James


We have just remortgaged our property with Tesco Bank but are now interested in buying a new property which would require us to borrow a further £40k. Tesco won't discuss any additional funds until we have made 6 repayments (we have only made 1). I know it is possiple to port this mortgage. Is it possible to take out a separate mortgage / loan for £40k with a different company?

James,

You could certainly look to take out  a second charge loan on the new property if Tesco can't help you for another 5 months. The second charge market is getting more and more competitive all the time, as increasing numbers of borrowers find that their current lender can't help them with their current needs, and they don't want to have to give up lucrative rates, or pay hefty redemption penalties to move the whole mortgage elsewhere.

If you'd like to see what options there are for you, please let me knwo and I'll arrange for you to talk to one of our consultants.

Regards,

Simon

simon.collins@johncharcol.co.uk

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