How much will lenders be willing to offer?
The amount that you can borrow through a second mortgage depends on the equity that you have in your property. The sum lenders offer can vary, but between 75%-100% of the potential equity is a good starting point.
You’ll need to determine how much equity is in your current home (see below) and decide how much money you’d like to borrow against that value.
Whatever your reason for taking a second mortgage on your home, make sure that you understand the costs involved and are confident you can afford them - failure to make payments on your mortgage may lead to you losing your home.