How can I get a mortgage for second home as I need to keep a buy to let property

Pixie5740

Nobody has a magic wand here. There isn't really much you can do except save more if you are determined to keep your other property and continue to let it out at below market rate which I can understand as you don't want to evict your mother.

You're going to have to reduce your expenditure or increase your income or both. With your £15k you'll have just over a 10% deposit for a £140k property once you've taken into account SDLT and solicitor's fees. Your current residential mortgage will also be taken in account when calculating your affordability.

Cornucopia

OP - I think you may have assumed that your existing property will prevent you getting a new one when that isn't necessarily the case.

As long as the existing mortgage is fully paid up to date, and is BTL/CTL there should be no major issues there in regards to getting a new property for yourselves.

The deposit is more likely to be an issue, though I would look more closely at Help to Buy and Shared Equity. Try not to think of your existing property as your existing property, but describe the situation accurately when you ask for advice from the various professionals.

Definitely consult a Mortgage broker.

edit: To answer your original questions...

- If you originally bought your existing property on a normal residential mortgage (which seems to be the case) you won't qualify for FTB terms on another mortgage.

- Yes, there might be some mileage in your GF being sole applicant, the disadvantage being that your income is higher.

- Get advice about mortgages from a mortgage broker or bank(*). Get advice about Help to Buy from official sources. Get advice about Shared Equity from new developments offering SE, or look for something on the open market being sold as SE - then ask them whether you qualify.

(*) You will probably have more luck with a bank that is not part of the same group as the bank your existing CTL mortgage is with.

Thrugelmir

m1keyblue wrote: »

Has anyone got any actual advice based on the points I listed rather than the usual MSE forum advice of changing your life around.

That's because people are more often or not trying to bang round pegs into square holes. While searching for the Holy Grail.......

Annie1960

m1keyblue wrote: »

Key Facts

We currently have saved approx £8000 but live in an area where property prices are rising quickly, so may consider the help to buy scheme to get on the ladder before property becomes unaffordable.

It is not necessarily a fact that prices will continue to go up. They may well come down once interest rates rise.

We have no debts and no dependants and are both in full time employment.

This is not really true, is it? You have a debt of £84k and your mother is dependent on you for her home.


Where can I get specialist advice about this?

Make an appointment to see a mortgage adviser.

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