Hi,
I've been trying to find out how much of a mortgage we'd get approved for, for a second mortgage for a holiday home. Any brokers that I've approached ask for reams of paperwork before even considering the question. I don't want to go gathering up all the paperwork if they're just going to turn around and say no!
Has anyone been through this? I'm assuming that they will give 3.5 times joint salary less our current outstanding mortgage. Is this correct? So this would leave the total mortgage at less than 3.5 times joint salary. Would age come into it (we're both late 40s)?
We have an ex-Danske tracker so no option to remortgage our current house.
Thanks!
I've been trying to find out how much of a mortgage we'd get approved for, for a second mortgage for a holiday home. Any brokers that I've approached ask for reams of paperwork before even considering the question. I don't want to go gathering up all the paperwork if they're just going to turn around and say no!
Has anyone been through this? I'm assuming that they will give 3.5 times joint salary less our current outstanding mortgage. Is this correct? So this would leave the total mortgage at less than 3.5 times joint salary. Would age come into it (we're both late 40s)?
We have an ex-Danske tracker so no option to remortgage our current house.
Thanks!