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What is the minimum % deposit I need for a second property?
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The OP says they won't be renting the property out?
Still classed a BTL mortgage, you cannot have 2 residential mortgages
Edited: Possible to have 2 residential mortgages, but seems criteria is stricter and needs a good reason"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
Still classed a BTL mortgage, you cannot have 2 residential mortgages
I'm just about to sign for a mortgage on a second property for me to move into. Original place will be sold hopefully within 3 years. no mention of it being buy to let... Also deposit is 15% but could have also had mortgage at 90%0 -
You can own two homes, both with residential mortgages.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Nope. Two residential mortgages wasn't a problem for us either .0
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No you can have two, I think there is something about a refund of additional stamp duty costs however if willing to forgo that then its fine0
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The sale of the first residential relates to the higher stamp duty land tax.
When you buy the second property without selling the first, you need to pay an extra 3% stamp duty land tax (LBTT in Scotland). If you sell the first property within 36 months you can reclaim the higher SDLT.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
> I will not be renting this property out.
> It will be my second home.
I have heard 25% deposit being banded around as a minimum but this feels like quite a lot.
So percentage wise what is the minimum deposit I need?
Let's say I wanted to buy a property no more than £200,000 in theory I need £50,000 deposit at 25%.
But it feels like I can pay the mortgage still at £25k deposit and doing a 25yr mortgage based on my income AND taking into account current home spend.
So how do I explore this? 25% deposit seems quite steep.
80%-85% LTV is easily available. Do you already have a mortgage on property number 1? If you don't then it's possible up to even higher LTV...
*edit* Teach me to read the whole thread first.... see this has already been asnwered0
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