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Buying second property - help.

LavenderLamb101
LavenderLamb101 Posts: 85 Forumite
Third Anniversary 10 Posts
in Mortgages & endowments
Hello,
I live at home with my parents, and own a property which I have a consent to let on (currently has sitting tenants) 
I am currently trying to save for a new deposit to get back on my feet, but am tempted with pulling equity from my property.
My questions are:
  • Can I get a second residential mortgage? 
  • Should I transfer the current mortgage to a BTL?
  • How much deposit am I likely to require for a purchase price of 250k?

Thanks in advance :)

Comments

  • amnblog
    amnblog Posts: 12,762 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    • Can I get a second residential mortgage? - YES
    • Should I transfer the current mortgage to a BTL? - PROBABLY
    • How much deposit am I likely to require for a purchase price of 250k? - PERHAPS 10%
    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.
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