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rosa246are
Posts: 25 Forumite
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Comments
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- You could potentially rent it out without a BTL mortgage, but you will need what is called Consent To Let from your lender. Usually this will only be given if you intend to return to the property at some point.- There is nothing stopping you from a second mortgage in theory, but your income will need to be sufficient to be able to meet affordability requirements for two residential mortgages and perhaps also be limited by a minimum deposit requirement of 10-15%.
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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@K_S
thank you for your response
Consent to let I have read about these , what If I intend of not going back to live in the property after the limited time the lender gives me
thank you
Rosa0 -
@K_SCould I possibly have lodgers in the first property I bought to make up for the mortage repayments then use my income for the second morgage payments
regardsRosa0 -
If you aren’t living there they won’t be lodgers.rosa246are said:@K_SCould I possibly have lodgers in the first property I bought to make up for the mortage repayments then use my income for the second morgage payments
regardsRosa0 -
You would normally get consent to let now, then remove to buy to let when your current mortgage product term expires Rosa.
If you are moving elsewhere in the Country and seeking a mortgage for a new home there are a couple of points you should note:
Your occupation would need to be unaffected by the move
You will pay 3% extra stamp duty land tax on the new purchaseI 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.0
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