Consent to Lease/Second mortgage

taylor86

Me and hubby are currently renting a house and have consent to lease on a property that is mortgaged on a 2 year fixed rate with Halifax. LTV 85%

We have a cash amount in the bank that equates to about 15-20% of the value of the type of property we would like to buy.

If we did buy another property how would this work with mortgages? Could we port the Halifax mortgage then take out a buy to let mortgage on the old property? Or leave that mortgage as it is then get a second mortgage for the new property?

I know we would need to get a broker for this one but just considering the options at the moment. Any advice would be great.

deano3

I rent out a property with ctl, and obtained a mortgage without much hassle, having said that different lenders have different policys. Some ignore if rent covers mortgage on rented property. Also check that new mortgage is not subject to LTV restrictions.

amnblog

You can port and buy to let remortgage the current property, or just get a residential mortgage for the new property.

You are right to state you need to use a broker.