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Consent to let first property... then buy second property
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rosa246are said:Hi
I would like your kindly ask for advice. I have a 5 year fixed mortgage, currently im in year 3 of the 5 year term. So I have been living at this property however I would now like to get another property to live in closer to my workplace and closer to my family. I have noted that as this is a 5 year term its impossible to switch to buy to let. I would like to therefore get a consent to let for the remainder of the 2 years then apply for morgage in order for me to get my second property.. I would like to therefore rent out the first property (its residential)
So my question is would the bank be happy to give me a loan for second property despite me having a consent to let....
Thank you
Look forward to hearing any answers and advice.
Regards,
Is there any reason you're not just doing a let to buy? Port your 5 year fix and remortgage your current house to a BTL. I did it a few years ago with an HSBC mortgage. Just speak to a good broker, they'll tell you how it works and whether it's an option for you. It might not be as not all banks will allow porting if the property isn't being sold.
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Thank you everyone for your advice and suggestions. I am thankful..
I think I personally made a mistake by getting 5 year fixed looking back....I am going to do more research and ask broker for advice. but looking into this... the risks look far greater than the benefits. Its looking like I would just persist until this 5 year course is complete....
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Why do you feel it was a mistake? What is not allowing you to do?rosa246are said:Thank you everyone for your advice and suggestions. I am thankful..
I think I personally made a mistake by getting 5 year fixed looking back....I am going to do more research and ask broker for advice. but looking into this... the risks look far greater than the benefits. Its looking like I would just persist until this 5 year course is complete....0 -
Do you understand what porting your mortgage (rate) is? Why not just do that? It's very likely you'll be able to.2024 wins: *must start comping again!*1
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If owning a second property is your long term aim. Overpay the mortgage to reduce the debt and hopefully build equity.0
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