Can one get a second mortgage on the same property from different lender?

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michaelm

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May be a silly question but is it possible to get a second mortgage on the same property (essentially a loan at mortgage rates to build an extension) from a lender other than my current lender. My current mortgage would be LTV < 50%.
 
You could transfer your mortgage to another provider and increase the mortgage amount at the same time (remortgage for an improvement on the house) - we did this before. But this would mean your whole mortgage would be on the rate given by the new provider obviously.
 
No not possible, a lender will require 1st charge on a property, which they would not have if there is already a mortgage secured on the property with another lender.
 
Thanks for replies. I don't want to give up my current mortgage as it's an NIB ECB + .5% Tracker. I previously had an NIB variable rate home loan, running concurrently with my Tracker, which I paid off over five years . . I expect that they will allow the same again but their rates are higher than AIB and others, hence my question.
 
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