Hello,
Firstly appreciate that we are in a privileged position of being able to even consider the purchase of a second home.
My question is on timing of the purchase, currently we are on track to finish our current mortgage in 3/4 years (13 years remaining on term), its on a tracker at 0.8%, we are overpaying the required payment by nearly 3X. We are also lucky to be able to save approx 2K per month. While it would be (just about) affordable to have both the existing mortgage as well as a secondary (on a property of circa 300k over 10 years at 80% LTV) concurrently i'm wondering if its better to finish the existing one first, possibly in 2-3 years with a lot of focus and then look for the second property.
Do lenders permit second mortgages where one is not buy to let?, we have no interest or desire to rent it out so there won't be an income from it
thanks
Firstly appreciate that we are in a privileged position of being able to even consider the purchase of a second home.
My question is on timing of the purchase, currently we are on track to finish our current mortgage in 3/4 years (13 years remaining on term), its on a tracker at 0.8%, we are overpaying the required payment by nearly 3X. We are also lucky to be able to save approx 2K per month. While it would be (just about) affordable to have both the existing mortgage as well as a secondary (on a property of circa 300k over 10 years at 80% LTV) concurrently i'm wondering if its better to finish the existing one first, possibly in 2-3 years with a lot of focus and then look for the second property.
Do lenders permit second mortgages where one is not buy to let?, we have no interest or desire to rent it out so there won't be an income from it
thanks