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    somekindofwizard
    Take out mortgage on my own house to buy another property?
    • #1
    • 11th Jan 09, 8:35 PM
    Take out mortgage on my own house to buy another property? 11th Jan 09 at 8:35 PM
    I'm fairly ignorant on the ins and outs of mortgages, so would really appreciate any advice about my current situation.

    I own my home without a mortgage, and it's worth around 150k. I want to get a mortgage of about 85k to buy a buy-to-let property as an investment.

    However, I'd be letting out the new property on a 3 year lease, so no lenders will even consider giving me a buy-to-let mortgage because they insist on a 6 month maximum lease.

    So, would it be possible to take out an 85k mortgage on my own home to buy the investment property with cash? Would the lender ask questions about what I want to do with the money, and turn me down when they find out why?

    One more complication - I'm self-employed so would struggle to prove my income. Could I add my girlfriend to my property's deeds, do a joint application and get a multiple of her steady salary?

    Many thanks in advance for any help!
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