Hi there,
I have been searching for people in a similar situation and haven't been able to find anything. I inherited a house some years ago and own it outright. Me an my boyfriend want to buy a new house to live in, and rent out the one that I own.
I have never had a mortgage before, and I am not sure if I need a buy to let mortgage as I am letting out the house that has no morntage and would be living in the one we buy. My partner owns a house with a mortgage on it, and we are living in that house now. But I wanted to know what my options for the future are.
When we want to move to a bigger house, how can we go about it? We would be selling my partners house to buy the new one, but wanted to keep mine as extra income but don't know what the best mortgage, or what other complications there might be.
I have read about BTL mortgages but it doesn't seem to quite fit my situation. Also, I am disabled and my only income is from the house I already own and my disability money...so I am not even sure if I can get a mortgage...my partner has a good job and we should be able to offer a 20% deposit on a new house that we buy. My house is worth around 140k and his is worth around 140k. He can currently get a mortgage for a house worth up to 210k. Would we be better just selling mine and getting a BTL on his? Or keeping me out of it all together?
We spoke to a broker but they were not much use...my partner is self-employed too so I guess that adds another dimension to it!
Thanks