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New mortgage & set up a buy-to-let
Aberaeron
Posts: 1 Newbie
I have a property which I would like to change to a buy-to-let mortgage to free up some money as a deposit for a new property. Two questions: firstly, is it better to try and do a combined deal for both properties with the same lender or should I set up the B-t-L first / separately? NB. we have an offer accepted on a house so would like to move quickly.
Secondly, the B-t-L is in Northern Ireland and we want to buy on mainland UK. Are there some lenders who won't lend in NI if they have no 'base' there and if so does that restrict who we can go to for the B-t-L mortgage?
Should we be 'up front' with any lender about this dilemma and get their advice or see what they will do on a property by property basis?
Is this where a broker may be helpful because they can liaise with the lenders about our specific requirements?
Thank you whoever answers.
Secondly, the B-t-L is in Northern Ireland and we want to buy on mainland UK. Are there some lenders who won't lend in NI if they have no 'base' there and if so does that restrict who we can go to for the B-t-L mortgage?
Should we be 'up front' with any lender about this dilemma and get their advice or see what they will do on a property by property basis?
Is this where a broker may be helpful because they can liaise with the lenders about our specific requirements?
Thank you whoever answers.
0
Comments
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A broker is probably better for this - purely for the BTL.
I would personally go with whichever lenders offer the best deal/can move the quickest. That may or may not be with the same lender, i wouldnt narrow myself down to only using the same company for both.I am a Mortgage AdviserYou 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.0
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