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can you offer advice
suzy-wong_5
Posts: 52 Forumite
does anyone know how long I can have two residential mortgages for before I need to remove my name from one.
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Comments
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Hi Suzy,
There's no right or wrong answer to your question. It very much depends on which lender you're with.
I assume one property is lived in and the other rented??? For the rented one, you should apply to the lender for a consent to lease agreement, although many home owners fail to do this.
Please note: Some lenders will not allow you to rent out the property full stop and ask you to transfer the mortgage to a BTL mortgage. Others will grant permission for 2-3 year period (sometimes longer), you then have to reapply at the end of the initial period.
SimonPlease note that whilst I am a mortgage broker my comments on this site are intended as general discussion and NOT personalised mortgage advice. Please click on my name and follow the link to see a full regulatory disclosure.0 -
Thats fine. I was under the impression that you could have only one residential mortgage.
My husband lives in the other, trial seperation.0 -
Back in the MIRAS days, you would be correct as you may have been getting double MIRAS. Since that was abolished, it makes no difference apart from what has been said already.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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