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Can I have two mortgages?
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Poniato
Posts: 72 Forumite
Hello there,
I'm a first buyer house. I don't own any house yet. What I would like to do is to buy one house where I'm gonna to live and second house buy for renting (buy to let). My question is if it possible to buy two houses in the same time? I have found perfect two houses which I want to buy, but I have read that in some cases I will need to have firstly residential house before I will buy next house for `buy to let`. Has anyone got any experience with it?
I'm a first buyer house. I don't own any house yet. What I would like to do is to buy one house where I'm gonna to live and second house buy for renting (buy to let). My question is if it possible to buy two houses in the same time? I have found perfect two houses which I want to buy, but I have read that in some cases I will need to have firstly residential house before I will buy next house for `buy to let`. Has anyone got any experience with it?
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Comments
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The buy to let will be a problem but not impossible to place on the basis of you being a non home owner.
Speak to a broker, but you should be fine in the main even if you do not have every lender available to you for the BTL.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, 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 -
Our broker said that most likely it's not possible to do it. Even if that will be possible, the lender will charge me a lot of higher interest rates than `buy to let` which is already more expensive than interest for a standard house.0
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The rates will be higher than the best buys but should not beyond the realms of normal.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, 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
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Do you have deposits for both houses and enough income to service both mortgages should you not find a tenant for the BTL immediately?
The BTL will need a 20% deposit normally and charged at a higher rent. I believe due to tax changes the rent is subject to income tax with no relief for the mortgage interest and stamp duty is doubled.I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
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How to calculate tax which I will need to pay to Government from my income from rent? I'm guessing that I will pay 3% of stamp duty for a second house (<300k).0
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This is tricky but possible to buy two properties at the same time as a first time buyer. You should speak to an Accountant about the tax implications before you do anything else.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 -
Do you mean speak to the solicitor or mortgage advisor?0
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Do you mean speak to the solicitor or mortgage advisor?
Accountant for tax advice.
They is a lot to gain if you are buying both at the same time in tax terms.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
I have got two more quite important questions.
1. When will I need to pay my deposit? At this moment I need to wait around 3 months before I will get keys to my first and I will start paying the mortgage. But the question is when exactly I need to pay out my deposit, e.g. 1 week before or 1 month before I will move in?
2. I have `Help to buy ISA` account. I'm wondering how can I spend this money? Can I put that money on deposit or pay out my solicitor and mortgage advisor? Or it's total price of the house - bonus from ISA? How does this ISA bonus work?0
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