2nd home mortgage

horngkai

I was just wondering if anyone could shed some light. Lets say if I am planning to get a 2nd house, how would I go about applying for mortgage then? How will my first mortgage affect the 2nd home mortgage? Assuming I want to rent my current house out to move into a new home, what kind of mortgage would I actually be looking at?

Hope someone could answer those questions for me. Thanks in advance.

Thrugelmir

Depends on who who your lender is as to what mortgage options would be available on the first property. Consent to let or a buy to let mortgage could\will incur a higher rate of interest than a standard residential mortgage. So you need to work out whether letting your property is viable. Letting property is a business not an an investment. So you need to crunch the numbers to see if the risk is worth taking.