Has anyone been successful getting a second Mortgage?

darkbeatz

Registered User
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21
Hi There

My wife and I are looking at the possibility of getting a second mortgage. Our current morgage is 1k per month with 20 years left on it. We want to move house and may explore the possibility of getting a second morgage. Is it mad to even suggest it with the way things are!!?? Between us we earn 115K per annum...

Thanks
 
We have arranged second mortgages for clients in 2012 but it very much depends on the particular circumstances - how much is being requested, record of regular savings, security of jobs, credit history etc.
 
We would be similar profile to you darkbeatz, got approved for 240K with BOI to buy second property. Had savings of 50K and could get another 30-40k from shares if necessary. Strong Rental demand for original place and very lucky not to be in negative equity.

They wanted every single piece of documentation we had, very detailed application process that took about 6 weeks compared to first mortgage 7 years ago that took about 2 days to get.
 
Modest income and over €100K left on primary mortgage (property probably currently worth less than this). Looked for a small mortgage (<€50K) for a second property last year - but no joy. In fairness, they have probably done me a favour. The cost of €€ is so much more expensive now by comparison with my existing mortgage (with the backdrop of rates being historically low right now). In the meantime, house prices have continued to go south - and I continue to accumulate savings. Will end up purchasing for cash ultimately.
 
I recently got approval for a second mortgage. We are in about 100k negative equity, have no loans apart from mortgage (330k). Earnings similar to yourself and saving circa 2.5k per month. We have 1 child. Went through a broker and most banks would deal with us but all offering differing amounts with differing criteria. In the end we went with Ulster Bank and got a approval.
 
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