2007-01-03 12:57:01 · 8 answers · asked by Chusquina 3 in Business & Finance ➔ Renting & Real Estate
Not true. You can buy more than one property and have a mortgage on each, but the person who mentioned Capital Gains (CGT) is right, except I think it's more like 39%.
A second mortgage is something entirely different. That's when you renegotiate a mortgage which you already have on a property, usually to raise more money on the house.
2007-01-04 17:10:18 · answer #1 · answered by Anonymous · 0⤊ 0⤋
No, this is not true.
Many people now have a second mortgage on their property, this is possible when the value of the property exceeds the value of the loan.
Second mortgages are often taken out for home improvements and extensions.
Ask your lender for more information.
2007-01-03 17:59:51 · answer #2 · answered by David P 7 · 0⤊ 0⤋
You can have more than one .the first one is your home so to speak and the other you can get a mortgage on what is called the buy to let .there may be other ways but that's what i did
2007-01-03 13:01:37 · answer #3 · answered by llamedos 4 · 0⤊ 0⤋
yes more than one mortgage, but dont forget if you own more than one property you will be subject to capital gains tax if you sell one in the future at a higher price than wot you bought it for, sumfing like 25%
2007-01-03 13:10:24 · answer #4 · answered by qwerty 3 · 1⤊ 0⤋
Nope.
2007-01-03 13:03:16 · answer #5 · answered by Anonymous · 0⤊ 0⤋
That rule only applies to 1st time buyers.
2007-01-03 13:04:08 · answer #6 · answered by GenetteS 3 · 0⤊ 1⤋
you can have as many as you want, all depends on security, income and ability to make payments
2007-01-03 13:11:07 · answer #7 · answered by Jamie Y 2 · 2⤊ 0⤋
erm no!!if you can afford it! and ur bank is generous
2007-01-03 13:00:03 · answer #8 · answered by xloux 3 · 0⤊ 0⤋