Can I Buy Another House if I Already Have One?
Several laws govern the lending practices of banks, credit unions, and non-bank lenders. However, if a homeowner wants to buy another house, they can. No law stipulates that a limit on home purchases exists. Instead, lenders indirectly place that limit. A homebuyer’s financial circumstances dictate the size and how many they can purchase. Lenders must issue mortgages responsibly. Applicants know that banks maintain the most conservative lending practices. Thus, to finance the purchase of a second home requires a solid financial position.
Mortgage House is a non-bank lender. Since 1986, we have brought innovation to the lending market. As a non-bank lender, we specialise in loan products. We do not take customer deposits, therefore our organisation operates differently from banks. We can offer low deposit, low doc, and second home mortgages to well-qualified and financially average homebuyers.
When you apply, our loan specialists review the application promptly. They have the tools to push applications along the process, especially for second-home buyers. Then, they find the most appropriate loan products based on the applicant’s financial circumstances and goals.
In addition, we help our clients accomplish other financial goals. Our clients receive discounts and access to more products including our business loan. Plus, our loans have attractive features such as a redraw facility and extra repayments without penalties.
Buy Another House Conclusion
If you own a home, you can buy another house. Keep in mind that tax implications exist. From a lender’s perspective, they ensure that the homeowner can handle the additional debt. To explore your options, contact our Mortgage House loan specialists.