new house, what mortgage?

ziof3ster

Hi,

I've a question re-second home purchase.

I know if you buy a second one, you need a BTL (please advice if there are altentatives).

But what happens if, let say I find a new one that will be my first accomodation, I've got the deposit and affordability for the second purchase.

The idea is that I will sell my first house, but in the mean time I wanna buy the other one that will be my first accomodation. Let say also that this second one wont see me live in until I updated everything at my own taste.

Is there a period of time where my first lender have to let me keep my first property until I do the secodn one?
What are the rules in this situations?

Thanks
Gio

Thrugelmir

Is your question relating to the portability of your current mortgage?

ziof3ster

Actually no, if the actual lender doesnt like the second property I'm going to buy.

Thrugelmir

ziof3ster wrote: »

Actually no, if the actual lender doesnt like the second property I'm going to buy.

None of their business. As the mortgage on the second property will be with another lender.

ziof3ster

Hi,

my question is more focussed on the type of mortgage I can get on the second home (considering that I'm buying what will be my main residency after modernization) and the position of the first lender.

In a way, I will have 2 main accomodations in the mean time reforbish the second one and sell the first one.

Is this possible? How is achievable?

Thanks
Gio

Thrugelmir

Having 2 residential mortgages is not an issue. Providing the second lender allows this.

The issue will be whether you have the ability to fund both mortgages from your income.

ziof3ster

Thrugelmir wrote: »

Having 2 residential mortgages is not an issue. Providing the second lender allows this.

The issue will be whether you have the ability to fund both mortgages from your income.

This means that, if the second lender accept this condition and doesnt check the income (in case this doesnt cover both the mortgages) it is possible (technically) do this?

Of course is not done on porpose but for not been rushed in sell etc.

Thanks
Gio

Thrugelmir

ziof3ster wrote: »

and doesnt check the income (in case this doesnt cover both the mortgages)

Absolutely no possibility of this occurring. Income and debt will be verified. These are very basic checks at the outset of processing an mortgage application. .

ziof3ster

Thrugelmir wrote: »

Absolutely no possibility of this occurring. Income and debt will be verified. These are very basic checks at the outset of processing an mortgage application. .

Oh true, there are some BTL that dont verify the income (because based on the rent assessment), correct?

thanks
Gio

Thrugelmir

ziof3ster wrote: »

Oh true, there are some BTL that dont verify the income (because based on the rent assessment), correct?

thanks
Gio

Lenders vary in their requirements and approach. Suggest you speak to a mortgage broker locally. Who can run through the everything in detail and take into account your circumstances.

ziof3ster

Thrugelmir wrote: »

Lenders vary in their requirements and approach. Suggest you speak to a mortgage broker locally. Who can run through the everything in detail and take into account your circumstances.

I know, but had a chat with a local one, and didnt have a clue. This forum is full of very helpfull and informed people!!!

Thanks
Gio