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Buy to let mortgage
Graham1973
Posts: 2 Newbie
I recently bought a new home outright in Norfolk having sold my business in London.
I am now looking into the possibility of buying a second house in Norwich, with the aim of renting it out for additional income.
As I don't have a mortgage on current home, I am unsure as to whether I would to obtain a buy to let mortgage, or a normal mortgage, to purchase this second house??
Any advice greatly received.
I am now looking into the possibility of buying a second house in Norwich, with the aim of renting it out for additional income.
As I don't have a mortgage on current home, I am unsure as to whether I would to obtain a buy to let mortgage, or a normal mortgage, to purchase this second house??
Any advice greatly received.
0
Comments
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If you will be letting out , it will be a Buy To Let mortgage needed.
Unless you are raising he funds from your own residential property to buy the second property outright.I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
You would need a Buy to Let mortgage and a minimum 25% deposit.
Do you have an income? Some BTL products require a minimum income, some rely solely on rental figures.
Speak to a 'Whole of Market' broker to see the best way forward.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
ok, thanks for that.
i will look into the prospect of raising funds from my property as well as obtaining a BLT mortgage0 -
You say you recently bought your property. Was it within the last 6 months?
Some lenders will insist on a minimum of 6 months ownership before a remortgage.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Age, income, deposit etc will also need to be looked at in terms of meeting lender crieria, and therefore which route you could look at.I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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