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Buy to let / buying new home
welshspendthrift
Posts: 409 Forumite
My partner and I are considering moving into a new home together, I have a property ( flat/maisonette) which I would like to retain and rent out, still have a mortgage of about £50,000 on repayment mortgage. Equity is about £40,000. Other flats have easily been rented out at appx rent of £500 a month in this area.
We would like to buy our new home rather than rent. Can I have 2 mortgages and change my current mortgage to buy to let ?
Unfortunately it is not practical in terms of distance to work for either of us to move into one of our current properties together. ( we live a distance away from each other currently)
He does not have a mortgage on his property and will also rent that out.
Any advice please ?
We would like to buy our new home rather than rent. Can I have 2 mortgages and change my current mortgage to buy to let ?
Unfortunately it is not practical in terms of distance to work for either of us to move into one of our current properties together. ( we live a distance away from each other currently)
He does not have a mortgage on his property and will also rent that out.
Any advice please ?
Pay ALL your debt off by Xmas 2021 no 50 Target for this year £12,000
Pay all your debt off by Xmas 2022 target £15,000 pd £7969.95 / 15,000
SPC 2022/23 014
Pay all of your debt off by XMAS 2023
#no 28 target £11,200.00
Pay all your debt off by Xmas 2022 target £15,000 pd £7969.95 / 15,000
SPC 2022/23 014
Pay all of your debt off by XMAS 2023
#no 28 target £11,200.00
0
Comments
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Yes you can do this but there are complications which mean the situation is best handled by an experienced independent mortgage broker.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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