Mortgage advice - buying second home

le_eswiss

Hi,

I currently own an appartment which is under a mortgage with Abbey.
I want to buy another appartment, but rent out my existing appartment.

Can anyone provide me with advice on what I need to do?

Thanks - K

herbiesjp

You are looking at a let to buy scenario - you will need to find a lender that will disregard in whole or in part the fact that you have got this exisiting mortgage. There are issues here around rent covering the mortgage payments, and affordability on your part to service your own mortgage but have a contingency when your first appartment may not be let out

Dumbledore55

I did exactly the same last November - my existing lender, Abbey, wouldn't lend me enough for the second home but got a mortgage with Northern Rock for the amount I wanted. Abbey had to provide a letter to say they didn't mind me letting out - I had to pay for the letter - about £75 I think.

No other problems though and rented out no trouble at all.

Northern Rock gave me an 18 month fixed rate on a 'Let to Buy' mortgage. My confusion now is that I want to re-mortgage my previous house - the one that's rented out and I don't know what sort of mortgage to look at....would it me a normal one as I have with the Abbey now, or a 'Buy to Let' even though I already own it?

samnmalc

Dumbledore55 wrote:

I did exactly the same last November - my existing lender, Abbey, wouldn't lend me enough for the second home but got a mortgage with Northern Rock for the amount I wanted. Abbey had to provide a letter to say they didn't mind me letting out - I had to pay for the letter - about £75 I think.

No other problems though and rented out no trouble at all.

Northern Rock gave me an 18 month fixed rate on a 'Let to Buy' mortgage. My confusion now is that I want to re-mortgage my previous house - the one that's rented out and I don't know what sort of mortgage to look at....would it me a normal one as I have with the Abbey now, or a 'Buy to Let' even though I already own it?

Dumbledore, we are in a similar predicament. Sorry I have no advice but would be intrested to know if you have managed to find anything out about that.