Mortgage situation with wife

Nogerp1985

My wife currently has a mortgage which she had prior to us marrying, we currently live in this house. 

We’d like to move soon and I’ve suggested we try and keep the existing property to rent out as a longer term investment. 

For the new property I’m suggesting we buy something that is run down, live in the current property until the new one is ready then rent out the previous property. 

I’m in a position where I can afford the new property myself without my wife being on the mortgage. 

What’s the best way to do this? Are we allowed 2 mortgages separately? Even though we’d initially only be living in one? Would the first being empty at first be a problem? Would we have to pay the extra stamp duty even though the 2nd mortgage would be in my name? 

I guess I’m just looking for any advice really on how best to approach this given our situation. 

thanks 

amnblog

Yes, you are allowed a mortgage each.
The first being empty could be a problem (why would you leave it empty?)
Yes, married couples are treated as one entity for the additional SDLT rules.

Nogerp1985

It would only be empty whilst completing any renovations required

london21

The strategy worst house in the best streets. Even the run down houses nowadays have a lot of interests.

dimbo61

Of course it maybe possible if the figures stack up ?
Your wife bought her home before you meet ?
How much is it now worth ?
Outstanding mortgage ?
Take one from other = Equity 
Have you got a deposit for Next home ?
You will have 3% extra stamp duty as well as normal buying costs.
Don't underestimate the costs involved in refurbishment of a run down house.
You might be able to take some of the equity out of your current home IF you have more equity than you need for a BTL mortgage ! 
Most BTL mortgages are broker only and you need 20/25% deposit.