Buying a second property

[MarillionFan]

Has anyone got any experience of buying a second property on a residential mortgage in the UK? I'm up to speed with BTL mortgages, but the idea is to buy a second place to do up & rent the first out for a few years(which the bank has already Ok'd).

Already have a mortgage on property 1(which I want to keep as it's so low), but have two BTL owned outright.

I can hit a LTV of 75% on the second property, but how does that work & is borrowing based on your entire income x multiplier minus existing mortgage & unsecured loans.

Until about an hour ago, it didn't occur to me that I could do the second property on a residential as I'm presently perm & the multiplier works out correctly.

Is that how it works? Should I go with the same bank or a different one?

[DodgyAgent]

Has anyone got any experience of buying a second property on a residential mortgage in the UK? I'm up to speed with BTL mortgages, but the idea is to buy a second place to do up & rent the first out for a few years(which the bank has already Ok'd).

Already have a mortgage on property 1(which I want to keep as it's so low), but have two BTL owned outright.

I can hit a LTV of 75% on the second property, but how does that work & is borrowing based on your entire income x multiplier minus existing mortgage & unsecured loans.

Until about an hour ago, it didn't occur to me that I could do the second property on a residential as I'm presently perm & the multiplier works out correctly.

Is that how it works? Should I go with the same bank or a different one?

This is just the place to come for advice MF. Well done ..

[mudskipper]

I looked into this - my bank wouldn't allow a second mortgage.

What about remortgaging the first property to release the dosh to buy the second outright (if you have enough equity)?

[MarillionFan]

This is just the place to come for advice MF. Well done ..

Well I toyed with the Accountancy forum but wanted to deprive NLUK of 'Have you asked your Accountant', 'Have you asked your Mortgage Advisor' or 'You're clearly not cut out for buying a house'

[MarillionFan]

I looked into this - my bank wouldn't allow a second mortgage.

What about remortgaging the first property to release the dosh to buy the second outright (if you have enough equity)?

I don't have equity in the first house worth drawing down on, I moved it into the BTLs & bonds which I don't want to touch.

It's a numbers game. The difference with being a Contractor versus a Perm is for some bizarre reason they rate your gross 'perm' salary better than your divvies + take home salary.

[scooterscot]

No one buys the 2nd property...

..they just don't sell the first when moving on. That's how I did it at least.

[suityou01]

Has anyone got any experience of buying a second property on a residential mortgage in the UK? I'm up to speed with BTL mortgages, but the idea is to buy a second place to do up & rent the first out for a few years(which the bank has already Ok'd).

Already have a mortgage on property 1(which I want to keep as it's so low), but have two BTL owned outright.

I can hit a LTV of 75% on the second property, but how does that work & is borrowing based on your entire income x multiplier minus existing mortgage & unsecured loans.

Until about an hour ago, it didn't occur to me that I could do the second property on a residential as I'm presently perm & the multiplier works out correctly.

Is that how it works? Should I go with the same bank or a different one?

I am better than you!! I bought my second property in 2009!

[AtW]

I'd recommend waiting until Osborne launches his new idea - "Help 2 Buy 2nd Home".

HTH

[MarillionFan]

I am better than you!! I bought my second property in 2009!

You miss the point you numpty. I have had multiple properties for years, but always on BTL mortgages.

BTW

Property for sale in Luton - Flats & Houses for sale in Luton



I'll have a dozen.

[darmstadt]

So I need some advice...blah blah blah

Is that how it works or does anyone know of any good free porn sites?

FTFY