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Second mortgage/remortgage

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  • 14-03-2006 12:22pm
    #1
    mel123
    Registered Users Posts: 2,204 ✭✭✭


    i signed for my first mortgage about 6 months ago. just wondering now about getting a second mortgage (would only be short term as i may have the chance of investing), what would u think my chances are? would i need a longer history of paying my own mortgage to get another one? anyone been in a similar situation? just want to get some advice before i go to the bank.


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    #2
    sandyg
    Closed Accounts Posts: 254 ✭✭sandyg


    When i was toping mine up it was whatever the value of your house is at they will give you - e.g. if your house is valued at €300,000 then you could only "top up" your mortgage to that amount.


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    #3
    MorningStar
    Closed Accounts Posts: 3,031 ✭✭✭MorningStar


    not great financial sense


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    #4
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    Whether you will or will not get a second mortgage for the purpose of investing the funds elsewhere, depends on more factors than the length of time you have had your principle mortgage with the bank (though this would of course factor in the equation). Of interest to the bank- mortgage to equity ratio, purpose for the second mortgage/loan, ability to repay a stress tested second mortgage, possibly a rudimentary business plan. If the second mortgage is to buy an investment property- it is possible that the bank may insist on their own survey of the property (and/or many of the hurdles you were made jump through on your original mortgage).

    Point to note: as a second mortgage, depending on your relationship with the bank it may be possible to negotiate seriously more favourable terms than you got on your initial mortgage (NIB have particularly good offers in this field at present (they are still doing 2 year fixed at 3.25% etc)) As always- shop around- do not assume that you will get the most favourable treatment from your current incumbent (nor that you have to have both mortgages in the same institution......)


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