Keeping one house & buying another

Julie3008

Hello

I’m new to this site but I’m hoping you can help with my query.

My husband and I own our own home, valued at £190,000. We’d like to move to another property (on the market for £215,000) but are reluctant to part with this one, we’re hoping it will be an investment for our children (currently 14 and 11 years old). Is it possible to take out a BTL mortgage on the house we own, rent it out and use the cash as a deposit on the new house? We can put £25,000 into the numbers too.

Thanks in advance

miss_undastood

In theory yes. But youd have to pay and additional 3% in stamp duty on your new purchase

Thrugelmir

Is this the auction property? Best to keep to one thread. Rather than starting another one.