Mortgage Advice Please

summertime12

Hi, I have recently moved in with a new partner and we have decided to buy a property together. I currently have 2 properties which are both rented out. One however is on a residential mortgage the other on a Buy To Let. How will the mortgage company react to this information and how will it affect us buying a property together? She is a first time buyer would I be considered the same if it is a joint purchase?

Sammy85_2

summertime12 wrote: »

Hi, I have recently moved in with a new partner and we have decided to buy a property together. I currently have 2 properties which are both rented out. One however is on a residential mortgage the other on a Buy To Let. How will the mortgage company react to this information and how will it affect us buying a property together? She is a first time buyer would I be considered the same if it is a joint purchase?

No you wont be considered at a FTB because you already have two mortgages.

The lender will take into account your outgoings on your other mortgages just the same as they would any other debts. They may take into account your income from rent but they may not.

summertime12

Thanks,

With the second property I am on a residential Mortgage however this property is being rented out. Can this be changed with the mortgage company? Will this cause any problems with my current deal?

summertime12

Some lenders are happy to allow you to let out your property while still on a residential mortgage whilst others do not allow this. It is necessary to contact your lender for confirmation. It may change the rate of interest payable and there is normally an administration fee. If the property is let it will affect your buildings and contents insurance and the insurer will need to be notified.