I own two houses, can I do another ‘let to buy’?

AndyDufresne

I have a house on consent to let on a residential mortgage. Last year, I did a ‘let to buy’ and got a second residential mortgage on a second property, so the lender on the second house effectively disregarded the first mortgage (it still reduced affordability a bit compared to if I didn’t have that mortgage in place on completion, but not by that much). I am residing at the second property and I rent out the first. I bought cheap and I am doing a complete renovation of the second house, so I should have about £30-40k in equity by the time it’s finished. 

If I wanted to buy another house (simply to move to a different area, or for any reason really), would I still be able to get another residential mortgage in the same way if I sold the second house? Ideally, I would port the second mortgage to avoid the ERC. 

Would the same lender still discount the first house mortgage for affordability purposes in the same way, even though I wouldn’t be doing a ‘let to buy’ on the second?

Alternatively, if I wanted to keep the second house as well and buy a third house to live in, could I do another let to buy with the second house mortgage disregarded in the same way as I did it with the first house? I would probably remortgage the second house to a buy to let as I would have enough equity. 

kingstreet

Not much other answer here, other than 'possibly'.

Too much detail required to give anything meaningful. Many lenders won't allow a port from a remortgage, only from a sale. You need to establish your lender's criteria.

Again, treating a let as self-financing and ignoring it for residential affordability is lender dependent.

Presumably you used a broker for the LTB. It would be prudent to do the same again.