Can one take out two mortgages?

Ciwan

Hi Guys

A quick question. Not sure how complex the answer will be.

If I buy my current housing association home, then I rent it out so that the rent pays the mortgage each month.

Can I then take out a second mortgage for a different house? Even though the first mortgage isn't paid off yet?

Any help would be greatly appreciated.

Thank you

csgohan4

is it RTB?

Thrugelmir

You could but there are plenty of caveats.

Ciwan

Yep, the current property is through the right to buy scheme.

glosoli

This is a question you should pose to the housing association to see if they would allow this,

Otherwise, if your affordability is sound, I don't see why not

Caz3121

are you planning on living in the RTB for some time before doing this? I don't think you would get a BTL mortgage straight away so would be a residential mortgage and then you would need to ask for Consent to Let when the time comes or take a BTL mortgage elsewhere (something to be mindful of if you are looking at a mortgage with redemption fees).....assuming the housing association will allow this

csgohan4

Ciwan wrote: »

Yep, the current property is through the right to buy scheme.

Don't take this personally but I sincerely hope not, your taking a property from the council which is used for the needy and hope to gain financially at the tax payers expense and wanting to take another mortgage out as well.


Good luck with that

getmore4less

You can have as many mortgages as you can get people to give to you.