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Toby

 posted on 29th Oct 12 at 16:54

quote:
Originally posted by Rob_Quads
You can get a 2nd mortgage but you will need to prove that you can pay the mortgage on both at the same time.


This, you will need to pass the affordability of both places which is going to require a huge salary unless you have a huge deposit (which @ 10% isn't).

quote:
Originally posted by baza31
And you wouldn't be able to rent it out while you have a non btl mortgage


and yeah you can't 'rent' it out ;)


baza31

 posted on 29th Oct 12 at 14:49

And you wouldn't be able to rent it out while you have a non btl mortgage


Rob_Quads

 posted on 29th Oct 12 at 14:41

You can get a 2nd mortgage but you will need to prove that you can pay the mortgage on both at the same time.


IvIarkgraham

 posted on 29th Oct 12 at 14:19

situation is i live with my brother but i want to move out whilst still holding onto my half of the first house.


James

 posted on 29th Oct 12 at 14:14

Why do you need a second mortgage that isn't BTL?

IIRC, the only way you can do it is if the second place is occupied by a family member.


IvIarkgraham

 posted on 29th Oct 12 at 14:00

is it possible to have a second mortgage that isnt buy to let?

had a quick look but they all come up as btl

what will a mortgage company require for a second mortgage? 10% deposit?