Will I get a second mortgage on a second property?

mrjack

Hi,

I currently have a mortgage with C&G on a property in Wiltshire, which I rent out. Due to me buying the place at the peak of the house prices, the LTV is quite high at around 95%. Still, the place has been rented out for the past year and the mortgage is paying by the rent. I don't want to sell the house for at least few years as I'd lose money.

I, myself, now live in London with my partner and are currently renting. Rather than throwing money into the wind, I am wondering if it's possible for us to obtain another mortgage to buy another place.

My partner is a first time buyer but I am obviously not. We have a deposit of around £35k to put down and are on fairly decent wages (40k and 25k joint). Will banks consider giving us a mortgage on another property considering that I already have one?

Also, would we be expected to pay stamp duty? Or would we not be first time buyers?

Thanks

leveller2911

Does your existing lender know your renting the Wiltshire property out?

Is it on a BTL mortgage?

mrjack

Yes, they know that. We have requested permission for it which was accepted a year ago and it's a residential mortgage

macgirl

mrjack wrote: »

Hi,

Also, would we be expected to pay stamp duty? Or would we not be first time buyers?

Thanks

I asked this question as am in a similar position to you. The short answer is no. You both have to be FTB's to qualify. Sorry.

mrjack

I guess I'll have to phone up my lender and see what they say...