Mortgage after buying a house

asu5z

Hello forum members

I will highly appreciate if you can answer the following:

I live in a flat with my spouse and two children. The flat we live in is mortgaged and titled under my spouse name. I have just bought another house on my sole name on cash. I am planning to let this house. Now I want to buy another new house by using the equity of the house I just recently bought. I mean, I am looking to get Buy to let mortgage on my current house and use the raised money from mortgage to put the deposit for the 2nd house I am planning to buy. So I will have two houses and both the properties will be let and mortgages will be buy to let....... Is it possible?

Second question is, after buying a house, how long one has to wait before putting it up for sale again?

I wait for your helpful replies as usual.

asu5z

Anyone with any suggestion pleasee..

ACG

It is possible.

As it is being used to purchase another buy to let proeprty, im not sure if you will need a BTL mortgage or a Let to buy mortgage - either way im sure it will be achievable... I would suggest speaking to a broker though as most btl/ltb mortgages are only available through brokers.

You can put the property up for sale the day after you bought it if you wish, the problem you will find is most mortgage lenders will not lend on a property until the previous owner has owned it for 6 months.

Leon_W

It shouldn't be a problem. Speak to a broker who will have access to Buy to Let mortgages as most lenders do not deal directly with the public.


Your last sentence " after buying a house, how long one has to wait before putting it up for sale again? " Why ? If it's one of the houses you wish to mortgage then there could be Early Repayment Charges or other complications.