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  • FIRST POST
    kelz85
    two residential mortgages?
    • #1
    • 9th Nov 08, 8:19 PM
    two residential mortgages? 9th Nov 08 at 8:19 PM
    Im trying to work out the best way to move house (we need a bigger one now with the kids).
    We currently live in a house with a mortgage of 300 PCM that we can rent out for 600. We are on a discounted rate which costs 3000 to get out of so dont want to sell for another two years, when the discounted rate comes to an end and hopefully house prices are up a little bit.
    We have seen another house, its 200k and we can put down 50k deposit, but obviously we want the lowest possible monthly payments.
    The question is: can you have 2 residential mortgages at the same time if you dont rent them out? Can you have a residential mortgage and a self cert mortgage or does that count as 2 residential? I didnt really want to get a buy to let but is this the only way round this?
    Sorry if ive been blonde but im clueless to this side of things!
    Thanks!
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