best way to do this??

lukemed1

Hi everyone,

myself and my girlfriend currently own a flat but we would very much like to purchase a house together and let the flat out, how easy would it be to get a second mortgage to purchase a house, also I'm on a DMP with CCCS would this affect our chances of aquiring a new mortgage in anyway?

my current mortgage is with Bank Of Scotland, how should I approach them with my idea?

any advice would be great!

Luke

lukemed1

anyone?

MortgageMamma

You would have to inform the CCCS that you wanted to purchase another property and rent out the one you have as any changes in income/circumstances have to be declared. No doubt the cccs will look into whether your creditors are happy to accept this and this could take a while to let you know.

You current mortgage would have to be either switched to a buy to let to free up your income to purchase a new residential property, or you would have to gain consent to let from bank of scotland. However this second option, dependent upon your income could restrict your affordability for the new purchase.

Bear in mind being on a DMP itself will severely restrict the number of lenders willing to lend to you and you will need a larger than average deposit.

Your first port of call is the CCCS - get in touch with them and they will tell you what to do next