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Can you remortgage to buy a second home if you have loans and credit cards?

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Remortgaging is a good option to borrow some money while you need it. 

This will work on your present equity. If you have already an owner of a house and want to buy a house to let then you can opt for remortgaging your present debt by revaluing your property with current market rates of your property. You can remortgage your present loan with the new interest rates and get the maximum value of your property at current rates.

But when we talk about buying a second home then it might be that you will not live there and you might be considering to letting it for rent. But to let property is considered in commercial property. If you want to borrow money for second home then you can easily buy to let mortgage rather than remortgaging your existing loan.

You can not avail residential remortgaging to buy a second home which you might be thinking to buy for the rental purpose only. But if you already have a mortgage for a rental property that means you already bought to let mortgage and now you want to buy another house for rental purpose then, in that case, you can remortgage your already existing mortgage.

For example, if you have your home and no loan pending for it and one home which you have to let and it has a mortgage loan of 50%, now you want to buy another house for to let then you can have remortgage to buying.

But if you are living in a house and it has a pending loan of 50% then you can’t remortgage it for buying to let home. As the mortgage you have for your residential house is residential mortgage but buying a mortgage to let home will consider as a commercial mortgage.

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