Can I have 2 Mortgages Help

TWINKLIE_2

Hi,

I purchased a house nearly 2 years ago with the intention of moving in to it. I obtained a second mortgage for this as I was selling my own house at the time. Unfortunately I was unable to sell my own house and am now paying a mortgage on 2 houses. I am fine with this and plan to keep both but both mortgages are coming up for renewal. I am told that I cannot get a mortgage on my house unless i take out a buy to let mortgage for the second house. Is it possible to have 2 mortgages or does one need to be a buy to let? I cannot afford to put down a 20% deposit on a buy to let mortgage.

Any advice would be appreciated.

getmore4less

You can have two mortgages,actualy you can have as many as you want(subject to getting the lenders to give you the money)

Is either of them let? Did you get concent from the lender?

Who is saying one must be a BTL?

Mortgages don't realy "come up for renewal" they can carry on to full term.

If a promotional period is ending then it is time to review the product, what are the follow on rates there may be no need to change anything.

One thing to consider is only one can be your primary residence so at some point one/both of them may incur capital gains tax on selling.

usefull info to assess the likelyhood of you being able to change lenders
house values?
mortgage size and term and rates?
income?