That's for 2 properties . A lot of info and assumptions please. I know nothing
2006-11-06 01:50:59 · 15 answers · asked by nubiapoet 1 in Business & Finance ➔ Renting & Real Estate
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!
2006-11-06 02:00:35 · answer #1 · answered by in vino veritas 4 · 0⤊ 0⤋
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.
2006-11-06 01:55:08 · answer #2 · answered by Dogs'r'us 4 · 0⤊ 0⤋
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.
2006-11-06 01:54:04 · answer #3 · answered by Anonymous · 0⤊ 0⤋
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
2006-11-06 03:56:36 · answer #4 · answered by Scott R 1 · 0⤊ 0⤋
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.
2006-11-06 01:53:42 · answer #5 · answered by ? 5 · 0⤊ 0⤋
Don't know much myself either.
But seems that one company would want to hold the deeds for a mortgage advanced on any property.
2006-11-06 01:56:40 · answer #6 · answered by emeraldisle2222 5 · 0⤊ 0⤋
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.
2006-11-06 02:17:23 · answer #7 · answered by Justin 3 · 0⤊ 0⤋
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
2006-11-06 01:54:27 · answer #8 · answered by Deano 06 2 · 0⤊ 0⤋
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
2006-11-06 01:57:46 · answer #9 · answered by lm050254 5 · 0⤊ 0⤋
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
2006-11-06 01:54:45 · answer #10 · answered by puzzled? 3 · 0⤊ 0⤋