Need advice on buying a second home

aj1soad

Just hoping someone would be able to give me some advice on what would be the best option in buying a second home to rent out. 
Currently me and my gf have got about 5 years left on our current mortgage. We are not sure if BTL mortgage would be best or remortgaging our current home to buy another.
When we bought our current house we put down 50/50 ownership, would it be best to put the current house in my gf name and mine for the new one? Or does the bank own the house till we pay it off and then the deeds are registered?

greatcrested

**  This thread is intended to provide information to both landlords and tenants relating to Assured Shorthold Tenancies (ASTs) in England and Wales.

Updated April 2020 to include the Coronavirus Act 2020 and July 2020 to include the Electrical Safety Standards Regulations 2020.

gwynlas

Why would you want to buy second home when they are not currently though to be a good investment?
You need to search the forum about Buy to Lets and up to date legislation/

dimbo61

Sorry you need to do lots of research.
You will need a good BTL mortgage brokers and an accountant, maybe FA and solicitor.
Have you got lots of equity in your house ? 
Do you have a good income ?
Are you higher rate tax payers ?
Do you have an idea how much is involved in being a landlord !
What are you going to buy to rent out ?
Where are you going to buy ?
Age, jobs, income, savings, kids, knowledge and contacts in the building trades, joining a landlords association.
Now you can buy the BTL property as tenants in common with you owning say 10% and the gf 90% 
One of the many things to learn 

aj1soad

so i take it a BLT mortage would be the best option rather than borrowing money on my current house? no im not in the higher rate tax band but ive got enough spare income at the end of each month to cover another mortgage. im looking to rent out a house for future investment. both of us are in our early 30s with no kids. im in the building trade so any work that would need doing or maintaing can be done by myself. the houses here start from around 70k so i wouldnt need much money. i would probably be looking at paying around 30%. i was only thinking of putting the current house in one name and the second home in another as i thought there might have been some benefits such as cheaper rates for first time buyers?