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  • FIRST POST
    • ashc18688
    • By ashc18688 13th Oct 16, 4:57 PM
    • 1Posts
    • 0Thanks
    ashc18688
    Borrow more for a 2nd property??
    • #1
    • 13th Oct 16, 4:57 PM
    Borrow more for a 2nd property?? 13th Oct 16 at 4:57 PM
    Hi,
    I'm new here so this is my first thread,
    My introductory offer is coming to an end on my mortgage so I am weighing up my options,
    I'm still young so able to easily get a 30 year mortgage and currently own 40% of my property.

    I wish to purchase a 2nd property to let out but not sure of the best way to do it, Can I just simply borrow more on my current property or is it possible to have 2 mortgages?

    Any advice would be appreciated.

    Thanks
    Ash
Page 1
    • muhandis
    • By muhandis 13th Oct 16, 5:43 PM
    • 204 Posts
    • 81 Thanks
    muhandis
    • #2
    • 13th Oct 16, 5:43 PM
    • #2
    • 13th Oct 16, 5:43 PM
    Hoping I've understood your question correctly -

    1. Yes you can buy a second property to let using a buy to let mortgage which requires a minimum of 20-25% deposit + as a second property you will have to pay 3% extra stamp duty.

    2. Yes you could re-mortgage at the end of your fix and release some of the equity you have to use towards a deposit for the 2nd property. How much you can realistically release will depend upon a lot of factors such as house price, you current income, affordability situation, etc.

    Hi,
    I'm new here so this is my first thread,
    My introductory offer is coming to an end on my mortgage so I am weighing up my options,
    I'm still young so able to easily get a 30 year mortgage and currently own 40% of my property.

    I wish to purchase a 2nd property to let out but not sure of the best way to do it, Can I just simply borrow more on my current property or is it possible to have 2 mortgages?

    Any advice would be appreciated.

    Thanks
    Ash
    Originally posted by ashc18688
    • Mr.Generous
    • By Mr.Generous 13th Oct 16, 7:40 PM
    • 855 Posts
    • 973 Thanks
    Mr.Generous
    • #3
    • 13th Oct 16, 7:40 PM
    • #3
    • 13th Oct 16, 7:40 PM
    2nd Property now gets you hit with the wonderful 3% stamp duty surcharge. Don't forget to factor that in. Look at rental v purchase price and buy it as a business proposition, buy in poor condition in a half decent area and renovate if you want to make some cash. Oh and being a land lord is not for everyone, can be a hassle. Good luck.
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