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Second mortgage
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Lucania
Posts: 1 Newbie
Hi,
So I have a residential mortgage with a friend on a property, it has consent-to-let and at the end of 5 year fixed term we will be moving to a BTL mortgage.
Now I also wish to purchase a property with my fiancee, however looking around the internet it says second home mortgages LTV is 60%-75%. W only have a 10% deposit and was hoping for a normal mortgage.
As this is her 1st home and my other home will be BTL, will it be a second home mortgage?
Also do you think having BTL will negatively affect affordability criteria, I have heard that if the mortgage is covered by rent it should not be considered in my outgoings.
Thanks
So I have a residential mortgage with a friend on a property, it has consent-to-let and at the end of 5 year fixed term we will be moving to a BTL mortgage.
Now I also wish to purchase a property with my fiancee, however looking around the internet it says second home mortgages LTV is 60%-75%. W only have a 10% deposit and was hoping for a normal mortgage.
As this is her 1st home and my other home will be BTL, will it be a second home mortgage?
Also do you think having BTL will negatively affect affordability criteria, I have heard that if the mortgage is covered by rent it should not be considered in my outgoings.
Thanks
0
Comments
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Speak to a broker. There may well be solutions for you.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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