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Depends on what % your current mortgage is, I'd have thought, ie is there enough equity in house to balance against the 2nd mortgage?
If the bank have suggested a second mortgage, I presume there is.
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Will this mean finding a minimum 10% deposit to access the additional borrowing?
Nope
Are there any other ways to raise this type of borrowing?
Probably, but a mortgage will be cheapest I'd expect
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Will this mean finding a minimum 10% deposit to access the additional borrowing?
Probably not, depends on your current LTV. Likelihood is that you'll just be borrowing against the existing equity. e.g. you have a £300k property with £150k mortgage and that will go up to £300k property with £250k mortgage.
Second mortgage will probably be a worse rate than the first but is likely to be lower than the other options.
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Kurai
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@Bonj0ur
A house finance question to the forum.
Currently 6 months into a 2 year plan with hsbc. We need approx £100k to pay parents back, a repayment of a car loan and install solar on yhdd we house.
Current lender Hsbc, have advised a second mortgage application. Will this mean finding a minimum 10% deposit to access the additional borrowing?
Are there any other ways to raise this type of borrowing? Please don’t suggest selling the bikes.