Buy to Let on 2nd house

Hapoel

I bought a house with cash and have been renting it out.

I want to buy a 2nd place on a Buy to Let mortgage. I have enough for about 25% of the purchase price but i need a mortgage for the rest. I currently only have one source of income (my other property).

Would i be able to get a Buy to Let mortgage for this 2nd house.

I have been renting it out for 8 months now already.

holly_hobby

Couple of issues.

Most lenders want you to have a curent or very recent residental mge (within last 12 mths), the few that are happy for you to just own another property, have min income requirements of 25k (and that goes for purchase or remortgage business).

As rental receips are your only income, and you currently only have 8 mths history (and thereby yet to actually declare what your annual net rental income is for HMRC purposes), you are a little premature - you'll need at least 12 mth renting for any BTL lender to consider this (plus of course 25% deposit and rental income of 125% of mge interest ), with some only accepting this as your sole income if you are classed as a professoinal landlord, and with 1 property thats obviously not the case.

What is concerning if you only have rental income, is unless there is a very healthy yield, how you intend to meet any unexpected costing, inc emergency repairs and periods of unoccupancy out of such revenue ?

I do fear if you pursue the above, without any other avenue of capital, that you are severly over exposing yourself

Speak to your mortgage broker and accountant to bottom out the issues.

Holly