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getting a second mortgage - not BTL!
evobaz
Posts: 7 Forumite
My wife has recently started child minding from home and her "business" is doing quite well. It had always been our plan to purchase another property to do the childminding from and that way we keep our home as our own.
The repayments on another mortgage shouldn't be a problem.
Currently we own our own home. Valued at approx £200k and has a mortgage of about £96k. My plan was to release about £30k from this property to use as the deposit on the new property. I was then hoping to get a mortgage for between £30k and £60k to buy another property out of which she'd do the childminding.
As I say, the repayments aren't the problem, I'm just not sure the in's / out's of getting a second mortgage.
(I also own a flat worth about £75k which is mortgage free)
The repayments on another mortgage shouldn't be a problem.
Currently we own our own home. Valued at approx £200k and has a mortgage of about £96k. My plan was to release about £30k from this property to use as the deposit on the new property. I was then hoping to get a mortgage for between £30k and £60k to buy another property out of which she'd do the childminding.
As I say, the repayments aren't the problem, I'm just not sure the in's / out's of getting a second mortgage.
(I also own a flat worth about £75k which is mortgage free)
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Comments
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You'll need a commercial mortgage as you do not intend to live in this property, or let it.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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My wife would be registered as living there.0
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