new house, what mortgage?

Yorkie1

ziof3ster wrote: »

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

thanks
Gio

You seem confused as to whether you are going to rent out the property you are going to buy. Your other threads state that you will be renting out the new place. This thread says that you will live in it yourself once you've done it up. Which is the case?

If you are going to live in it, then the BTL mortgage / income verification doesn't apply.

From all of your posts it appears that you don't have the cash flow or, perhaps, the income to do what it is you are desperately trying to find a way to do.

ziof3ster

Yorkie1 wrote: »

You seem confused as to whether you are going to rent out the property you are going to buy. Your other threads state that you will be renting out the new place. This thread says that you will live in it yourself once you've done it up. Which is the case?

If you are going to live in it, then the BTL mortgage / income verification doesn't apply.

From all of your posts it appears that you don't have the cash flow or, perhaps, the income to do what it is you are desperately trying to find a way to do.

Hi Yorkie1,

my posts here on the forum are to try to understand all the alternatives. Beeing single and with no family, I've got the flexibility and the options to choose from. this is why I'm asking about different approaches.

In terms of cashflow and income, according with some lenders I had a chat, I dont have problem too (for a normal situation). Of course I wanna maximise what I can get (in term of property value) and minimize what I need to spend.

Thanks
Gio

ziof3ster

What about a LTB mortgage?

They ar enot listed in the mains morgage serch engine, so I've seen only TMW one. and it confused me as I read


Let to Buy
First time landlords, classified as applicants who have not owned and let a buy to let property for the last six months, remortgaging their existing residential property as a buy to let must choose from the Let to Buy product range.

Subject to:
Max 75% LTV.
The applicant(s) must have owned their residential property for at least 6 months (with or without a mortgage) at the time of application.
Loan purpose: to remortgage their residential property into a buy to let property.
Remortgage applications will only be accepted where there is a simultaneous onward purchase of a new residential property, which must be confirmed by the acting solicitor.


What I'm confuded about is that "loan purpose"? What If I want let me first home (after a CTL) and get a mortgage to my second one (will be my main residency) whitout remortage the first one?

Do you know a sercha engine or a list of LTB lenders?

Thanks
Gio