Is there a mortgage that does the following....

Pearl1

Hi

I'm after a couple of buy to lets, is there a mortgage that allows you to have the funds in place before a property has been purchased? I dont want to be paying monthly interest payments when a property might not come up for a few months!! I'm sure there used to be some kind of mortgage on the market, not sure what it's called

kingstreet

If you are borrowing the money secured on another property, you could use an offset to stop payment of interest until you actually use the money, but if you intend to borrow on the target property, then no, there isn't.

Pearl1

Great, I have a property I let, it has no mortgage. Are you saying I can get an offset mortgage on this to raise a deposit for 1 or 2 buy to let's in which the outstanding funding would have to be a buy to let mortgage on each of the target properties?

ACG

I dont think you can get an offset mortgage on a BTL property - i stand to be corrected though.

You could apply for a mortgage against your BTL, have in place and once it has gone to offer you then have 3 months to complete. So it can sit there waiting ready to be drawn down on for a couple of months?