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Second buy to let mortgage?
fanheater
Posts: 107 Forumite
Hi, can anyone on the board advise me whether getting a second buy to let mortgage in my circumstances is a possibility?
I currently have one buy to let mortgage on a property which is valued at 200k, the mortgage outstanding currently sitting at around 108k.
My wife and I have been considering trying to sell our current property (which is just in my name) to buy somewhere to live but we are not sure we would be able to afford anywhere in our area.
So a second buy to let might be a good back up plan. I am wondering whether buying a second property, ideally already with a tenant, for and 175-200k and a deposit of say 50k, might be realistic.
When I got my first buy to let mortgage last summer it seemed that not many lenders would be in the market for someone who did not also have a residential mortgage, which I didn't understand.
I have asked my last broker about this but so far been unable to get a straight answer.
Thanks
P.S. I'm aware of the tax changes but think these would be surmountable.
I currently have one buy to let mortgage on a property which is valued at 200k, the mortgage outstanding currently sitting at around 108k.
My wife and I have been considering trying to sell our current property (which is just in my name) to buy somewhere to live but we are not sure we would be able to afford anywhere in our area.
So a second buy to let might be a good back up plan. I am wondering whether buying a second property, ideally already with a tenant, for and 175-200k and a deposit of say 50k, might be realistic.
When I got my first buy to let mortgage last summer it seemed that not many lenders would be in the market for someone who did not also have a residential mortgage, which I didn't understand.
I have asked my last broker about this but so far been unable to get a straight answer.
Thanks
P.S. I'm aware of the tax changes but think these would be surmountable.
0
Comments
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Yes, you can do this no problem. Engage a sensible broker.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 -
Thanks for the reply amnblog0
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When I got my first buy to let mortgage last summer it seemed that not many lenders would be in the market for someone who did not also have a residential mortgage, which I didn't understand.
Security, i.e. equity in the property. You aren't using BTL as a back door method of obtaining a home.0
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