Mortgage permutations

MrBitey

Hi there,

We are a recently married couple about to buy a house together.
One of us has 2 properties already - one on a buy to let loan being rented out and the other on a repayment loan.

She also has a cash lump sum that can go towards paying half of the cost of our new house together.

What we'd like to do is keep the 2 properties as they are (and keep repaying the mortgage on one of them as it is set at really good rate).
Is it the case that only one residential mortgage is allowed per person/couple....


So what should we do?

Could I buy the house on my own, use my wife's lump sum to pay half of it and pay a mortgage on my own for the other half? Would the fact that we are married scupper this plan?

What happens to a residential mortgage which is semi-payed off if one doesn't want to sell the property? Would a new buy to let mortgage have to be set up for the remaining amount?
thanks for the ideas in advance...

Mr B

hcb42

if you are not living in the house, then you will need to let the lender know and they will probably convert to buy to let mortgage.

Don't think about not telling the truth about living arrangements, yes it will scupper you - but if you do the former I dont see a big problem