26 Aug 2022

Is It Hard to Get a 2nd Mortgage?


Yes, and depending on the individual, it can prove challenging to get a second mortgage. Most lenders will view a second mortgage application as high risk and decline. Borrowers will typically place the second mortgage as a lower priority than the first, which lenders are wary of. Borrowers will need to get the approval of the original lender to get a second mortgage. 

If approved for a second mortgage, some lenders may place tight constraints on the amount you borrow. Borrowers can find more luck applying for second mortgages through private lenders. Before deciding to get a second mortgage, consider the risks, including foreclosure and interest or loan costs. A second mortgage is typically used for debt consolidation or home improvement. 

Borrowers may be interested in obtaining a second mortgage to avoid the fees that come with refinancing, but we urge borrowers to keep in mind that a second mortgage also comes with high costs. For example, taking a mortgage out with the same lender as the first can allow a borrower to receive up to 95%, while a new lender can loan a borrower up to 85%.


If you are interested in applying for a second mortgage, our professionals at Mortgage House are prepared to assist you through your application and find competitive interest rates. Need a low doc loan? We assist self-employed clients through loan applications daily!

The Mortgage Repayment Calculator is a helpful tool that Mortgage House created to assist borrowers with planning out the best ways to repay their mortgage and calculate loan payments.

Fast track your home loan
Apply Online Book a Call Back
133 144

Why Choose Mortgage House?

Award Winning