possible to get second mortgage? not BTL

Burridge60

tony_james wrote: »

so are we saying that we should be able to get a buy-to-let mortgage (presumably assessed on the expected rent-able value of the property) but then actually just live in the propery oursleves? if so is it really the case that you need a 75% deposit for a buy-to-let mortgage?

Its a 25% deposit mostly! Typo Town I do it all the time

but BTL lenders normally have a condition which forbids occupation by the mortgagee.

Meeper

I am alarmed by some of the thinge I am reading here.

Residential mortgages are for self-occupation and should NOT be used to rent out a property unless with the express written permission of the lender in question.
BTL mortgages are for rental properties and should NOT be used as a residential property on an owner-occupier basis.

The legislation surrounding both of these is very different and the rights of the occupants are different in each case. In addition, the lender prices both types accordingly based on the risk and market conditions for them respectively. No adviser should ever EVER advise you to take a residential mortgage for a BTL, or a BTL mortgage to live in. If anyone ever does advise you to do this, I would implore anyone to report that adviser to the FSA as they are a blight on our industry.

Thrugelmir

Meeper wrote: »

I am alarmed by some of the thinge I am reading here.

Residential mortgages are for self-occupation and should NOT be used to rent out a property unless with the express written permission of the lender in question.
BTL mortgages are for rental properties and should NOT be used as a residential property on an owner-occupier basis.

The legislation surrounding both of these is very different and the rights of the occupants are different in each case. In addition, the lender prices both types accordingly based on the risk and market conditions for them respectively. No adviser should ever EVER advise you to take a residential mortgage for a BTL, or a BTL mortgage to live in. If anyone ever does advise you to do this, I would implore anyone to report that adviser to the FSA as they are a blight on our industry.

Unfortunately we live in a world where taking "the risk" seems to be acceptable. If making a large profit in the process is possible.

Then when it all goes wrong. As it envitably will do for someone. The blame lies elsewhere.

Burridge60

Meeper wrote: »

I would implore anyone to report that adviser to the FSA as they are a blight on our industry.

Unfortunately MPs going to jail is not a deterent for individuals to hypothesis about committing similar frauds with mortgages.

riverboat2001

We are about two get a new mortgage in addition to the one we already have. Because of a somewhat unusual set of circumstances we went to a mortgage broker to sit down and discuss everything.
Both mortgage companies are fully aware of the situation and the fact that they will both be running at the same time.
We have been totally up front and honest so hopefully there should be no problem.

So in effect you CAN have two mortgages but i guess your circumstances are what really matters (along with affordability of course)