can I/we buy a 2nd place?

longwalks1

Thanks again people, will call Monday and let you all know how I get on, so stay tuned..... Have a good weekend all

longwalks1

Quick update everyone, just read in another post on here someone wanted 2 mortgages and was told 2 residential mtg's and renting one out is basically mortgage fraud, im guessing thats right, but if I get the OK to do it from First Direct, that mean I'm ok to ask around for a 2nd one?

Wont First Direct tell me to change it to a BTL mortgage?

Thanks again

VIGILANT22

if you have a residential and apply to the lender for "consent to let" you will be fine.....i think you've maybe misread the other thread

herbiesjp

herbiesjp wrote: »

You need to get consent to let from First Direct, or if they decline, need to change it to a BTL.

.

As posted above.

There is nothing wrong in what you are trying to do.

Only FD can tell you what their stance is though.

Thrugelmir

britishboy wrote: »

Quick update everyone, just read in another post on here someone wanted 2 mortgages and was told 2 residential mtg's and renting one out is basically mortgage fraud, im guessing thats right, but if I get the OK to do it from First Direct, that mean I'm ok to ask around for a 2nd one?

Wont First Direct tell me to change it to a BTL mortgage?

Thanks again

How you explain to your mortgage lender that you live in 2 houses ?

As they will be aware of other mortgage.

new_home_owner_3

Ive known people being advised to get a residential mortgages and ask for consent to let straight away, the thing is you can only do this if you only have one property.

This was common practice a few years ago, but now mortgage companies are just not taking the risks.

Mortgage companies can be a bit funny about giving consent to let, they may charge you extra or raise the rate, which is now very common.

new_home_owner_3

Im afraid first direct dont give you consent to let, apparently they ask you to move to hsbc, who are theyre sister company....

http://www.lovemoney.com/news/mortgages/rent-out-your-home-as-a-buytolet-3762.aspx

new_home_owner_3

Im afraid first direct dont give you consent to let, apparently they ask you to move to hsbc, who are theyre sister company....

http://www.lovemoney.com/news/mortgages/rent-out-your-home-as-a-buytolet-3762.aspx

good luck