2nd home purchasing

Gillyg27

Hi, I am feeling that the mortgage advisors I'm contacting are not being fully upfront honest with me. I have finished my mortgage on my existing house and have now got enough deposit to buy a 2nd home for me to live in when I wish. My question is, is it cheaper to take a new mortgage out on my existing property (which is worth more than the one I'm buying as a 2nd home). Or is it cheaper to get a mortgage on the 2nd property? Note I use the word 'cheaper' as I wish to leave out other reasons like risk etc. Any help on this matter will be truly appreciated. Thanks in advance.

dimbo61

Which house will you be living in ?
Your main residence ? 
Are you looking for a cheaper residential mortgage or a BTL ?
If this was a business you were setting up as you wanted to become a Landlord you would need a BTL mortgage and 20/25% deposit

jamielutz1987

@gillyg27 Answering just the question you have asked, it is likely to be cheaper to remortgage your current residential property, release money and make a cash purchase of the second home (assuming it's not to let).
Of course this is without knowing the whole picture.

Out of interest, what do you mean when you say brokers aren't being straight with you?

kingstreet

It will depend on the loan to value. Where's the deposit coming from for property two? If it's coming from property one, you might as well borrow it all on property one!