Buying second home

rfsk2010

I own a house. I had to relocate due to a job change. I rented out my house and moved and renting elsewhere. My mortgage provider is aware that I have had to rent it out due to a job change and they are ok with it. I am now thinking of buying a house near my workplace .

Would the bank provide a mortgage with a rate as if I am a first time buyer or I would need to move my rented home to a buy to let to get a residential rate for my new home?

Also, would the bank provide me a mortgage which is 4.5 times my salary?

another option is to let my wife buy a house OR we buy one jointly.

any opinions?

Dave_Ham

There are few too many variables and a few unknowns to be overly committal on a response, however I would suspect there will be options.

Assuming that your current lender are happy, means they have given you their consent to let then most other lenders will disregard this mortgage credit commitment.

You may require a bigger than normal deposit (circa 15%) with most lenders.

May be worth a chat with a broker

Thrugelmir

CTL is normally granted on a temporary basis, i.e. 3 years. So you need to be prepared for your lender changing the rules at some point.