If you own a property already (mortgage all paid) - is the second property still classed as BTL?

LiveOnce

Hi there,

If you own a property already (mortgage all paid) - is the second property you are looking to buy still classed as buy to let? Or can you get a normal 'living' mortgage for this?

Nebulous2

You can get a normal living mortgage if you're going to normally live in it.

If you are going to let it you will need a buy to let.

What are you trying to achieve? Where are you going to stay?

LiveOnce

I want a property of my own to live in, and raise future family.

I don't have much mortgage to pay on my current and was thinking to have my parents live here for retirement and I get another for my own.

AnotherJoe

I can't see any reason why you cant get a residential mortgage for a house that will be your residence. What you do with any other property you own is immaterial.

You will need to pay the extra 3% SDLT on the new house you buy.

It will simplify things with mortgage approvals if you fully pay off the mortgage on your current house but check there are no early repayment charges or similar.