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  • FIRST POST
    • spillage74
    • By spillage74 12th Apr 18, 3:40 PM
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    spillage74
    Getting a new mortgage
    • #1
    • 12th Apr 18, 3:40 PM
    Getting a new mortgage 12th Apr 18 at 3:40 PM
    I currently am about to pay off my mortgage and have a good 20 years left before I retire. If I wanted to purchase another property and have a cash deposit for it would the bank take into account the property I own?
Page 1
    • ACG
    • By ACG 12th Apr 18, 3:57 PM
    • 17,328 Posts
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    ACG
    • #2
    • 12th Apr 18, 3:57 PM
    • #2
    • 12th Apr 18, 3:57 PM
    Im not sure what you mean by will they take it in to account, but they will ask about it.
    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.
    • spillage74
    • By spillage74 12th Apr 18, 4:42 PM
    • 4 Posts
    • 2 Thanks
    spillage74
    • #3
    • 12th Apr 18, 4:42 PM
    • #3
    • 12th Apr 18, 4:42 PM
    sorry I not very clear. Would they look at this new purchase as a new home buyer or would I be offered the same type of mortgage deal as a buy to let as it would not be my main home?
    • ACG
    • By ACG 12th Apr 18, 5:19 PM
    • 17,328 Posts
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    ACG
    • #4
    • 12th Apr 18, 5:19 PM
    • #4
    • 12th Apr 18, 5:19 PM
    It would be a BTL if you are securing the mortgage against the new property with the intention of letting it out.

    If you are securing the mortgage against your own home in order to then go and buy the new property for cash, you could get a residential Mortgage.
    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.
    • kingstreet
    • By kingstreet 12th Apr 18, 5:20 PM
    • 33,872 Posts
    • 18,390 Thanks
    kingstreet
    • #5
    • 12th Apr 18, 5:20 PM
    • #5
    • 12th Apr 18, 5:20 PM
    That would depend on your intention.

    If you plan to let the new property, you'd need a BTL mortgage.

    If you plan to live in it as main residence or second home, it will be a residential mortgage.

    If you plan to let your current home and need the rental income from the current property for affordability for the new one, you might struggle as many lenders want it to be let and producing income first.

    Discuss your circumstances and requirements with an independent broker at the time and they will plan this for you.
    I am a mortgage broker. 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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