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Let to buy for couples
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Hardlife91
Posts: 15 Forumite
Hi You amazing bunch!
Me and my partner both own a house each. We want to rent out both of these homes and buy a house together.
Would we be able to go down the let to buy route if both of our solely owned homes were mortgaged as BTL?
We are happy to pay the extra stamp duty and both have 25% in our solely owned homes but only around 10-15% of the home we want to buy together.
Any advice always welcome,
Matt
Me and my partner both own a house each. We want to rent out both of these homes and buy a house together.
Would we be able to go down the let to buy route if both of our solely owned homes were mortgaged as BTL?
We are happy to pay the extra stamp duty and both have 25% in our solely owned homes but only around 10-15% of the home we want to buy together.
Any advice always welcome,
Matt
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Comments
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@Hardlife91 If the numbers stack up for BTL mortgages on the existing properties, and you have 15% deposit for the onward purchase, it should be fairly straightforward. With a 10% deposit it may be slightly trickier.
If your existing properties have 25% equity, it's unlikely that you'll be able to release any cash when remortgaging to BTL mortgages.I am a Mortgage Adviser - You should note that this site doesn't check my status as a mortgage adviser, 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.
PLEASE DO NOT SEND PMs asking for one-to-one-advice, or representation.
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