Mortgage Advice

Lloyd90

Being very fortunate I have been given some money by a family member. I appreciate that I am very lucky to be in this situation. It is on the condition that the money can not be squandered and can only be used on a house purchase.

I am currently living and a student in Bristol. The amount is £100,000 so not enough to buy outright over here. Therefore I am waiting until I finish my studies and get employed before I can get a mortgage. Starting salary for my job would be around £28k with high employment opportunities.

Now I am considering splitting my money in different ratio's in order to try and buy two properties as I am currently renting in Bristol and have been a student also and can see that the property here is very sought after etc.

I am just wondering, If I put my entire deposit into my own home purchase, then remortgaged out the deposit for a second property, can you claim mortgage interest relief on both homes ? (As write off the extra interest payments on your original home, plus the interest from the second purchase ?)

Or is it better to just keep a large deposit back and use that for the second purchase ?

Current changes to the buy to let laws would not effect me at my current salary and I am just considering this as I think it would be a wise use of the money and a good opportunity to put myself in a good position for future.