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Homeowner buying 2nd BTL property

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  • Homeowner buying 2nd BTL property

    Hello

    Welcome to everyone!

    I have a question regarding re-mortgaging. I am a homeowner with the mortgage at minute and still have 100 grand to pay off. The value of the property I owe is 135,000. Thing is that I have some savings and would like to invest the savings in another property. To do so I would need another mortgage to be taken on Buy To let basis, however I prefer to let my current location as this have a lot of letting potential. Does it mean that I have to change character of my current mortgage or remortgage? and then sign up for another one to purchase the property I want to move into?
    Is it possible at all?

    Thanks

  • #2
    Re: Homeowner buying 2nd BTL property

    You would be better paying off your mortgage!
    You may even want a larger orbetter home too.
    But-To-let is not referred to as "Buy-To-Regret" without good reason.
    If you have to ask the questions you have, then you are not going tio make a success of buy to let IMO.
    BRAND NEW HOMES
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    • #3
      Re: Homeowner buying 2nd BTL property

      you can ask your current lender consent to let and get another mortgage I think?

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