Help with Second home buying Needed.

paddym27

Hi everyone,
I really hope someone can direct me in the right path. I have read so much conflicting information out there about buying a second home. Currently I own a property that I do not live in with a friend nor have I ever lived in the property. I have just found the perfect house and have put in an offer and I’m still waiting to get my mortgage offer. My friend and I are requesting for the first house to become a consent to rent as neither of us are living in it and we wish to start to rent it out. My problem is will I be able to get a 95% mortgage even if I own the first house (95% as I will have to pay stamp duty). The second house I am buying will be my main residence, I will be sending the tenancy agreement to the mortgage company and I will await their response. Is it likely they will grant me a mortgage offer based on the fact my first house will be rented out. Does anyone know of a good company that has accepted them in the past that I could go through if this is declined. I don’t want to lose this house.

dimbo61

Well you need the help of a mortgage broker.
You own a house or part of a house you have never lived in ?
How did you acquire the house ? Have you got a mortgage on the property ?
Equity in your current " home "

paddym27

Hi thanks for the reply. I am currently going through a broker but she said unless I could ask someone else to go onto the mortgage with me she doesn’t know what else to do. If the current lender comes back and says no I feel the broker will just say sorry nothing can be done. I feel there is lenders out there that could say yes. I helped a friend two tears ago get a house. My salary was enough to help get the mortgage now it’s going to be consent to let as neither are going to be living in it. There is around £22k equity in the house.