2 properties, one BTL one standard

stephenjwz

I have a place down south with a buy to let mortgage on it (I had to move up to Harrogate & didn't fancy selling it at the moment). I'm looking at places up here to buy at some point while they're cheap and was wondering if anyone's got experience of having/trying to get the two kinds of mortgage together - will my existing buy to let thing affect my borrowing power for a standard mortgage much, or will it be ok as one will be against rental income while the other is against my salary? Any advice appreciated, thanks

Stephen

koexelek

A lot of lenders will class your buy to let as " self funded", as long as the rent receivced comfortably covers the mortgage interest.
That means that your earned income only needs to cover the new residential mortgage, not both.
Most main lenders ( Halifax, Abbey, Nationwide etc) should be OK with that.

herbiesjp

Indeed as long as the BTL is self financing then it will be "ignored" - different lenders will ask for different information to verify it is self financing.

So as long as you have a good deposit, good credit history and your income can support the new mortgage then you should be fine