First time buyer but already own 2 BTL?

Skag

I want to buy a property to live in, but I already got 2 BTL properties owned outright, on which I intend to raise equity if needed. Do I qualify for first time buyer i.e. 5% down payment, borrow a maximum of 400k, and say raise another 200k on my property in order to buy a 600k property? Is this plan feasible?

Also, what if my spouse buys the property in her name, and everything else stays the same above?

ACG

You can purchase at 95% LTV but you can not use Help to buy.

Your spouse could buy one assuming their income stacks up.

Skag

ACG wrote: »

You can purchase at 95% LTV but you can not use Help to buy.

I assume you are talking about ordinary any 95% LTV mortgages.

ACG

Yes, but it is typically only building societies that offer non HTB mortgages at 95%.

Kjd123

Pretty sure you can't use Help to Buy.

amnblog

I've lost the plot here?

If you want a 95% mortgage, where does the £200K come in?

Thrugelmir

Skag wrote: »

I want to buy a property to live in, but I already got 2 BTL properties owned outright, on which I intend to raise equity if needed. Do I qualify for first time buyer i.e. 5% down payment, borrow a maximum of 400k, and say raise another 200k on my property in order to buy a 600k property? Is this plan feasible?

Will your income support £600k of debt? I'm excluding rental income when asking this question.