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Mortgages
Are you allowed to have more than one mortgage running at the same time.
Is there any way this can be done.
Pops
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If you want more than one property than yes you an have more than one mortgage (or charge) per property. ie every house you own has a different mortgage on it.
You can also have more than one mortgage on one house. In theory you can have any number, but generally three is the maximum.
A mortgage or charge is really just a secured loan. A finance compnay lending you money will secure themselves by loaning against the value of your property.
It all depends on the equity you have available.
As an exmaple. I fyour house is worth 100,000. You may have your main lender who will lend you �80,000. You may also have a business loan secured by way of second charge for another �10,000. Noone else would consider giving you a secure loan by way of third charge.
In this example though, if the property were worth �250,000 with the same above charges, you could approach a 3rd lender who may lend you another �20k.
Hope this is not too confusing.