We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Buying 2nd house, renting out 1st.
Al1x
Posts: 1,653 Forumite
We really need a bigger house so our children don't have to share a room so we are thinking about buying another house in a few years time.
Currently have a house valued at £130,000 (valued last year) and have around £70k left to pay on the mortgage.
We would love to keep this house if possible and rent it out.
Can you have a mortgage on two properties at the same time or do we need fully pay off our current mortgage first?
Currently have a house valued at £130,000 (valued last year) and have around £70k left to pay on the mortgage.
We would love to keep this house if possible and rent it out.
Can you have a mortgage on two properties at the same time or do we need fully pay off our current mortgage first?
0
Comments
-
Yes, you can.
No, you don't.
If you have savings for the deposit for property two, you can ask present lender for consent to let on property one.
If you need some of the money from property one, you can remortgage property one on a "let to buy" basis.
You'll need a lender for property two happy to have the let property in the background and for it to be self-financing.
First call should be to a whole market broker.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Ok, its good to know it is possible!
Is it better to save for a bigger deposit for 2nd property or pay off more of the 1st mortgage?0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.2K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards