Advice please on Let to buy mortgage

Pipjo

Hi

I need to buy a bungalow asap as my mother had a fall and now has limited mobility and I would like her to live % of the year with me.

I own my house outright so could rent it out to raise money. I need something fast as she will be out in 3 months and I would like to look after her in the summer holidays when it is my holidays.

Would I need to go for a special Let to Buy? Or can a remortgage with any company work? If I have to go with a Let to Buy does anyone know of any good deals as Buy to Let mortgages I can't afford as I have not got 25% deposit for this.

Also I will need to take another smaller mortgage of 40K to buy a bungalow as more expensive than my house. Can I get another mortgage on top?

amnblog

You can do this Pip.


A BTL mortgage on your current home up to 75% of the value raising the deposit for the new bungalow with a residential mortgage.


Not one to handle yourself. From your questions you would be well advised to ask a broker to assist you.

Pipjo

Thank you so much amnblog. This news is good! So BTL.
How do I find a highly recommended broker...possibly local? Just google or is their a specific website/professional register?

I will be asking about BTL best deals also i.e. should I have less LTV so rate is lower on BTL and higher LTV on residential mortgage? Does residential mortgage become a 'remortgage' or 'first time buyer'?

I have 25K deposit for a residential and think I can borrow more on residential and 45-50% on BTL. Or would I be better off going for full 75% on BTL mortgage?

amnblog

unbiased.co.uk carries lists of advisers.


un tick the 'sponsored listings only' box to get the full list.