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Second residential mortgage
trigger599
Posts: 5 Forumite
Hi,
Basically my partner and I are looking at buying a repossessed house. Nice house and good price but its in an area we really want to live. Problem is we have two houses/mortgages already. In one way its a good problem as we average 70% equity across the two but bad in that neither are on the market and the market is dead unless you are selling at rock bottom prices. Realistically to get the sale through we are looking to get a BTL on one home which will pay the mortgage off and the deposit on the new house. This can be done pretty quick and as a business proposition it should always make a return even with fees and tax. We could then sell the other one at our leisure as the mortgage on it is only .75% over base and our incomes will cover the three mortgages comfortable.
Problem is we both want to be on the new mortgage but that would mean I am still on two residential mortgages. Is this something that they will not let you do even if you are selling your house? Having spoke to the Woolwich who are my current provider they say I can keep my mortgage but they wouldn't give me another one with them.
Also can anyone recommend any buy to let mortgages? The broker makes suggestions (for 500 fee) but I'd like to check around as much as possible.
Thanks
Basically my partner and I are looking at buying a repossessed house. Nice house and good price but its in an area we really want to live. Problem is we have two houses/mortgages already. In one way its a good problem as we average 70% equity across the two but bad in that neither are on the market and the market is dead unless you are selling at rock bottom prices. Realistically to get the sale through we are looking to get a BTL on one home which will pay the mortgage off and the deposit on the new house. This can be done pretty quick and as a business proposition it should always make a return even with fees and tax. We could then sell the other one at our leisure as the mortgage on it is only .75% over base and our incomes will cover the three mortgages comfortable.
Problem is we both want to be on the new mortgage but that would mean I am still on two residential mortgages. Is this something that they will not let you do even if you are selling your house? Having spoke to the Woolwich who are my current provider they say I can keep my mortgage but they wouldn't give me another one with them.
Also can anyone recommend any buy to let mortgages? The broker makes suggestions (for 500 fee) but I'd like to check around as much as possible.
Thanks
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