Advise on getting 2nd Bond

The first thing that you need to check is whether the total instalment on both bonds will be <30% of your gross monthly salary. If it's above that, the bank is not legally allowed to give you the second bond.
 
Jehosefat said:
The first thing that you need to check is whether the total instalment on both bonds will be <30% of your gross monthly salary. If it's above that, the bank is not legally allowed to give you the second bond.
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Some banks operate differently as well. Investec takes different factors into account, but yeah; general rule of thumb is payments cannot be more than 30% of your gross. Also, no financial institution will give you a 100% bond if it is not your first bond, unless your first bond has a rental agreement to cover said bond.
 
CarsinemiA said:
Some banks operate differently as well. Investec takes different factors into account, but yeah; general rule of thumb is payments cannot be more than 30% of your gross. Also, no financial institution will give you a 100% bond if it is not your first bond, unless your first bond has a rental agreement to cover said bond.
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I didn't say that was the only factor. All of the banks will look at other factors too. That is just a hard limit imposed by the NCA that none of the banks will go over (again, some of them got fined pretty heavily for non-compliance over the last year or two iirc)
 
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