Buying 2nd flat

bungalow_bill

Hi, please could you advise?

I want to buy a flat for my son to live in at uni next year. Do I have to have a but to let mortgage? I could extend the mortgage on my present home to cover it, so not really sure which option is best....

Are you allowed two normal mortgages?

getmore4less

poppy10 wrote: »

You can only have one residential mortgage

When did that rule come in?

I have had more than one in the past.

I think you can have as many as you can afford.

bungalow_bill

So...which is it then?

bungalow_bill

....please?

_Andy_

May as well just raise the funds on your existing resi mortgage (LTV and income allowing etc)

Senior_Paper_Monitor

2nd home (use by family), various forms of parent assist (some of which are CGT efficient), buy to let (use by family) are all possible mortgage structures dependent on individual circumstances and vary by lender.

As is Andy's solution !

TMSL

Poppy is incorrect, Natwest, A&l , Abbey, Halifax all allow second residential mortgages, whether the OP would qualify for such based on their current circumstances is another question, it would be worth talking to a whole of market broker , get a recommendation from family and friends.

herbiesjp

As long as both mortgages are affordable to you - you can have you own main residence and the second property for your son to live in.