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2nd mortgage in Malaysia?

 
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DPB



Joined: 01 Jan 2009
Posts: 6

PostPosted: Tue Oct 30, 2012 9:01 am    Post subject: 2nd mortgage in Malaysia? Reply with quote

I own 1 condo in Mont Kiara and am thinking of buying a 2nd condo closer to the city and renting this one out.

I already have verbal pre-approval from Maybank for an 80% loan for a new condo but I am still waiting for another house sale to be finalised so I can get enough deposit money for the new condo.

I am wondering whether it might be possible to take a "2nd mortgage" out on my existing condo now rather than wait until the deposit money is available in another 2 months and then have to wait another 3 months for the loan to be approved - I could get the 2nd mortgage started now so hopefully I will have all the money in 3 months from now and be able to do a cash purchase of the new condo.

Actually it isn't really a 2nd mortgage - it would be a first mortgage as I paid for this condo in cash about 4 years ago.

Any disadvantages of getting a new mortgage on an existing property? Condo is freehold.
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hybrid



Joined: 13 Jan 2010
Posts: 81

PostPosted: Fri Nov 02, 2012 12:40 pm    Post subject: Re: 2nd mortgage in Malaysia? Reply with quote

Hi,

I think it will be faster if you re-mortgage your existing condo since you cash buy earlier. It will only take about 2 months to get the money from the bank instead of waiting for so long.

If you need help in re-mortgage, please feel free to contact me, i can assist you in this.

Thank you.


DPB wrote:
I own 1 condo in Mont Kiara and am thinking of buying a 2nd condo closer to the city and renting this one out.

I already have verbal pre-approval from Maybank for an 80% loan for a new condo but I am still waiting for another house sale to be finalised so I can get enough deposit money for the new condo.

I am wondering whether it might be possible to take a "2nd mortgage" out on my existing condo now rather than wait until the deposit money is available in another 2 months and then have to wait another 3 months for the loan to be approved - I could get the 2nd mortgage started now so hopefully I will have all the money in 3 months from now and be able to do a cash purchase of the new condo.

Actually it isn't really a 2nd mortgage - it would be a first mortgage as I paid for this condo in cash about 4 years ago.

Any disadvantages of getting a new mortgage on an existing property? Condo is freehold.

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Sam
mortgagebrooker@yahoo.com
016-3191845
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