BTL mortgage after redundancy

clarky_cat

Hi, I'm due to be made redundant from my current job at the end of October. Just before I was told of the news I had been planning on purchasing a 2nd BTL (the 1st I have has a mortgage with a LTV of around 56%). I was hoping to release some equity from this to pay for the deposit of the 2nd. Can anyone advise if its possible to still get a mortgage while I'm looking for a new job? My redundancy is about a years salary, and I have savings, so I'm not concerned about not being able to pay the mortgage. Also rentals get snapped up very quick in the area I'm looking.

I am planning on finding a broker to discuss this but thought it is worth trying here first to see if I'm wasting my time until I'm back in full time employment.

clarky_cat

Just to clarify I haven't put any offers in yet, my plans were in the very early stages.

ACG

It should be possible but it might not be for every lender.