Thread: Best way - Borrowing on existing Mortage ??


Forum: General Chat

Hi Got my mortage down to a comfortable level and looking at purchasing a second home for rental/investment. My current mortage is totally flexible and allows overpayments are allowed which is what i need. If i goto my borrower and say i want money for another house will there be problems ? Or should i just say i am building an extension ??

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  1. #1
    VIP Member bilabonic's Avatar
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    Best way - Borrowing on existing Mortage ??

    Hi

    Got my mortage down to a comfortable level and looking at purchasing a second home for rental/investment.

    My current mortage is totally flexible and allows overpayments are allowed which is what i need.

    If i goto my borrower and say i want money for another house will there be problems ?

    Or should i just say i am building an extension ??

    Or should i just ask for a second mortage which i don't really want to do.

    Cheers



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    Just Registered Timmaa's Avatar
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    Re: Best way - Borrowing on existing Mortage ??

    I guess it depends on how much equity you have in your home. But do you want to risk your home against an investment property?
    Maybe you're after a 'buy to let' mortgage on a 2nd property. Rates are usually a little higher for them.



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