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will a buy to let affect my residential mortgage health?
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adrian_bond
Posts: 164 Forumite
hi all!
i have been looking into the potentials of buying a house wth my brother under a buy to let mortgage and renting it out.
We both currently have a residential mortgages on our own "home" properties which are ticking over nicely.
i was wondering, if i were to enter into the buy to let market, how will this affect me if i want to remortgage or sell up and buy a new home to live in in the future? is it taken into account when devising new mortgage products that are suitable for me - i dont want to scupper my chances of the best deals on account of a potentially small income looking at current yields!
any advice would be handy. thank you
i have been looking into the potentials of buying a house wth my brother under a buy to let mortgage and renting it out.
We both currently have a residential mortgages on our own "home" properties which are ticking over nicely.
i was wondering, if i were to enter into the buy to let market, how will this affect me if i want to remortgage or sell up and buy a new home to live in in the future? is it taken into account when devising new mortgage products that are suitable for me - i dont want to scupper my chances of the best deals on account of a potentially small income looking at current yields!
any advice would be handy. thank you
0
Comments
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Most lenders will ignore a self-sufficient let property & mortgage, others don't and would tax you the monthly payments, in case you were having to pay two mortgages for a while.
The answer here is, it will depend on the lender...I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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