Borrow more for a 2nd property??

ashc18688

Hi,
I'm new here so this is my first thread,
My introductory offer is coming to an end on my mortgage so I am weighing up my options,
I'm still young so able to easily get a 30 year mortgage and currently own 40% of my property.

I wish to purchase a 2nd property to let out but not sure of the best way to do it, Can I just simply borrow more on my current property or is it possible to have 2 mortgages?

Any advice would be appreciated.

Thanks
Ash

muhandis

Hoping I've understood your question correctly -

1. Yes you can buy a second property to let using a buy to let mortgage which requires a minimum of 20-25% deposit + as a second property you will have to pay 3% extra stamp duty.

2. Yes you could re-mortgage at the end of your fix and release some of the equity you have to use towards a deposit for the 2nd property. How much you can realistically release will depend upon a lot of factors such as house price, you current income, affordability situation, etc.

ashc18688 wrote: »

Hi,
I'm new here so this is my first thread,
My introductory offer is coming to an end on my mortgage so I am weighing up my options,
I'm still young so able to easily get a 30 year mortgage and currently own 40% of my property.

I wish to purchase a 2nd property to let out but not sure of the best way to do it, Can I just simply borrow more on my current property or is it possible to have 2 mortgages?

Any advice would be appreciated.

Thanks
Ash

Mr.Generous

2nd Property now gets you hit with the wonderful 3% stamp duty surcharge. Don't forget to factor that in. Look at rental v purchase price and buy it as a business proposition, buy in poor condition in a half decent area and renovate if you want to make some cash. Oh and being a land lord is not for everyone, can be a hassle. Good luck.