Second Mortgage Loan to valueA second mortgage loan of value
however, after we have sat 3 hrs with a (slightly unsuspecting) mortgage advisor of a real estate broker, the best LTV we could find is only 75% And 75% is nowhere near enough good enough for us, we need about 90% because we need the currency circulation for home enhancements. So some queries... 1. why is the L good enough for us?
2. are there any lenders posted to have good LTV for second mortgages?3. one option I can think of is to turn my current home mortgage into a buy-to-let mortgage so that my second mortgage doesn't count as a second mortgage.
However, I am told by the mortgage consultant that buy-to-let mortgages cannot be in re-mortgaged - they only take new buyers. When this is an exact breakdown of your mortgage counselor, it may sound as if he or she is either bound to a creditor or does not know what they are speaking about, or both.
They can buy into a REMORTAGE to leave mortgage at up to 85% and even maybe 90% even though this is contingent on adequate rental revenue. For example, Halifax, which would offer 90% and more competitively priced exposure to a single LLC, which would make their product less appealing.
Of course, this all depends on your own level of earnings and creditworthiness.