Is this possible?

shamac

We sold our house and used all our equity to build our own house. It is in a seaside place so we want to rent it out as a holiday cottage although we are currently living in it. We have a mortgage of 100k but the house is worth about £300k. We think we can get enough rental income to easily cover the mortgage. We want to buy another house for us to live in-could we get another mortgage using this house and its possible success as a business as collateral for this? We have a total income of £80k but are self-employed.

silvercar

basic answer is yes.

See a broker who could advise whether it is better to raise a BTL (or LTB) mortgage on the seaside cottage or if your earnings evidence is enough to secure good rates on a residential mortgage.