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Having both a residential and buy-to-let mortgage? Is it feasible?
Chris94
Posts: 41 Forumite
I am looking to move house and currently own a flat which I'm considering renting out instead of selling. I believe I meet the basic criteria most banks ask for to take out a buy to let mortgage (and I've paid off 25% of the current value) so I'm thinking of converting my current mortgage to Buy-to-let and taking out a new mortgage for the new place. I'm not sure if this is possible in my current situation though.
Will having one mortgage affect my ability to take out the other given that they would be different types? Or will they look at the Buy-to-let mortgage as some sort of business and base my affordability for another mortgage for my new home entirely seperately? My current income certainly wouldn't allow me to take out a single mortgage for the total value of the two put together.
Any insight would be appreciated! I have a mortgage advisor appointment this week so hopefully I'll get some answers then but would be nice to have some sort of expectations beforehand.
Will having one mortgage affect my ability to take out the other given that they would be different types? Or will they look at the Buy-to-let mortgage as some sort of business and base my affordability for another mortgage for my new home entirely seperately? My current income certainly wouldn't allow me to take out a single mortgage for the total value of the two put together.
Any insight would be appreciated! I have a mortgage advisor appointment this week so hopefully I'll get some answers then but would be nice to have some sort of expectations beforehand.
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Comments
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When I did this a few years ago, the lender on the main mortgage wasn't interested in the BTL one. I guess the logic is that if you are short of cash, you will prioritise your residential mortgage.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
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Most BTL mortgages are broker only so you need to find a mortgage broker to see if the figures stack up0
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Yes its possible, did exactly the same thing in 2010 when nobody was apparently lending.This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0
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