Multiple mortgages possible?

12_oak

Hi there

I would really appreciate some advice as we are not sure where to turn at the moment, and not sure if this too much pie in the sky dreaming!

The main points are :
- My boyfriend has a house valued at around £500k with a £265k mortgage on it (he earns £65k). I have a flat worth approx £230k with £145k mortgage (I earn £45k).
- We are planning to buy a place in the not to distant future together and thought if we could rent out both our places in an ideal world.
- His mortgage company have given just him permission to let, but his deal is up in May, so would that mean he would only be able to look at buy-to-let options after that deal? Ideally we would like to take a mortgage on another property but is this feasible if we each have one or both of these mortgages?

thank you for any advice :-)

Thrugelmir

Is renting a profitable option on both properties?

How much do you propose spending on the 3rd property and how much are you proposing to borrow?

With £410k of debt and £730k of equity. You are already heavily exposed to the whims of the property market. Increasing your property exposure further increases the risk. Very much a personal choice but one I would personally consider very carefully.

GMS

What rent per month would the properties bring in?

How much deposit as a percentage would you have for the onward purchase?

No issue with having Buy to Let mortgages in the background as long as they are self financing and meet lender calculations.

Broker would be useful for you as many BTL mortgages are broker only