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Is It Possible to get a Mortgage If I Already Have One

Best Second Mortgage Rates

I Want a Second Mortgage I Want to Remortgage

Is It Possible to get a Mortgage If I Already Have One

    • 4.12% Initial
    • 3 year fixed
    • 7.3% APRC
    • Cashback Max £250
      Free Legals
      Free Valuation
    • Get quotes
    • 4.12% Initial
    • 3 year fixed
    • 7.2% APRC
    • Cashback Max £250
      Free Legals
      Free Valuation
    • Get quotes
    • 4.14% Initial
    • 5 year fixed
    • 5.9% APRC
    • Cashback £0
      Free Legals
      Free Valuation
    • Get quotes
    • 4.15% Initial
    • 5 year fixed
    • 6% APRC
    • Cashback Max £1,250
      Free Legals
      Free Valuation
    • Get quotes
    • 4.18% Initial
    • 5 year fixed
    • 6.7% APRC
    • Cashback Max £250
      Free Legals
      Free Valuation
    • Get quotes

Representative example based on a fixed rate mortgage

A mortgage of £375,000 payable over 20 years initially on a fixed rate for 5 years at 4.38% and then at the standard variable rate of 7.65% for the remaining 15 years would require 60 monthly payments of £2,351.88 and then 180 monthly payments of £2,899.55.

The total amount payable would be £663,156.80 which includes interest and product fees of £1,124.

The overall cost for comparison is 6.5% APRC representative.

Early repayment charges may apply.

Is it possible to get a mortgage if I already have one?

Mortgage Services

Our special features include:

Whole of market service - we work with leading UK lenders to check if you can get a better rate on your existing mortgage or if you need a second mortgage or buy-to-let.

  • Second Mortgage rates
  • Access to loan deals not available on the high street
  • Fast turnaround - speak to us today if you need to move fast
  • Our lenders will take into account previous defaults and missed payments
  • Looking to raise additional finance on top of your existing mortgage or buy-to-let mortgage?

We have access to a range of finance solutions

Good advice is essential for such an important transaction as a second mortgage. 

Is it possible to get a mortgage if I already have one

If you are currently paying off a mortgage, you may wonder if you can get another. Having multiple mortgages can be done in a variety of ways; however, it depends on whether you want to take out a second mortgage on the same property as your existing mortgage or if you want to get a new mortgage for an additional property such as a holiday home or perhaps an investment property such as a buy-to-let. 

For your main residence

If you want an additional mortgage for your main residence, you basically have two options: Remortgaging or taking out a second charge mortgage, also known as a 'second mortgage' or homeowner loan. 

· Remortgaging: A remortgage is typically done either to reduce monthly repayment costs by securing a better rate/returning to an introductory offer or to borrow more money. During the remortgage process, you also acquire a slightly larger share of the property known as equity, thereby reducing your loan to value (LTV). Whenever you remortgage, you have the option of increasing your LTV again, decreasing the amount of equity you have, to borrow more. Remortgaging can be used for any purpose. 

· Second Charge Mortgages: A second charge mortgage allows you to take out a second loan secured by the same property. Similar to remortgaging, equity in your property can be used to secure a second charge mortgage. You may be able to save money if your current mortgage arrangement has a large early repayment fee if you take out a 2nd charge mortgage. It is essentially a 2nd mortgage, whereas your main mortgage is a first charge mortgage. If you fail to pay your monthly payments and your home is repossessed, the first charge lender's debt would have to be cleared before any money could be sent to the second charge lender. 

Second Home/Holiday Home Mortgages

This market has few lenders because it is not a main residential mortgage market. Lenders may place specific stipulations on holiday homes. 

Buy to let mortgages

The lenders will consider your income, credit rating, and existing financial commitments when deciding whether to lend you a buy to let mortgage. Lending for a buy to let property is primarily dictated by its potential rental yield, as a general rule, the rent must cover at least 125% of the mortgage repayments. Click here to learn more about buying a buy to let property. 

An independent mortgage adviser can offer you impartial advice and help you find the best products available to meet your specific needs when you are looking for any kind of additional mortgage. 

To investigate your bridging finance options call our broker team or fill in our call back form.

Independent Advice

If you are not sure what your second mortgage options are speak to our independent mortgage broker team who will be able to offer impartial advice or you can call us on 0117 403 3464

Still Haven't Found What You Are Looking For? Get Second Mortgage Quotes
Still Haven't Found What You Are Looking For? Get Second Mortgage Quotes