Have never tried to get a mortgage as a contractor but well aware that its not so easy from traditional lenders anyway. But wifes got an idea in her head which I'm not sure will work for a normal permie!
Current mortgage outstanding - about £130K. Wife wants to move, buy a new house, but keep the old one and rent it out. In effect, get a new mortgage for the new house.
Not even sure if I can get a mortgage for 2 houses. (Although, I am in Wales - 5 bed detached for under £400K - sorry for all you lot in the south east).
But, is the original lender even going to allow this? I always thought you had to get a buy-to-let mortgage if you were going to do this?
Or could you port exiting mortgage to new house, add a bit on and then get buy-to-let for the old one?
Current mortgage outstanding - about £130K. Wife wants to move, buy a new house, but keep the old one and rent it out. In effect, get a new mortgage for the new house.
Not even sure if I can get a mortgage for 2 houses. (Although, I am in Wales - 5 bed detached for under £400K - sorry for all you lot in the south east).
But, is the original lender even going to allow this? I always thought you had to get a buy-to-let mortgage if you were going to do this?
Or could you port exiting mortgage to new house, add a bit on and then get buy-to-let for the old one?
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