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2nd Mortgage Needed


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Good Afternoon,

 

I have recently returned back to the UK after working abroad for 8 years. I have purchased a BTL which I have had since October 2015.

 

I'm now back, and would need a 2nd mortgage for a house to live in and I have a few questions: 

 

Do I need to go to the same provider that has given me the BTL mortgage or can I go with someone else?

If I do need to go with someone else, is it easy to switch over?

Will the fact that I have a BTL mortgage affect me when trying to buy a standard mortgage to live in?

 

Any additional help would be great

 

Many Thanks

 

James

 

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Can anyone help me at all please?   On ‎14‎/‎01‎/‎2017 at 3:53 PM, James Chandler said:

Good Afternoon,

 

I have recently returned back to the UK after working abroad for 8 years. I have purchased a BTL which I have had since October 2015.

 

I'm now back, and would need a 2nd mortgage for a house to live in and I have a few questions: 

 

Do I need to go to the same provider that has given me the BTL mortgage or can I go with someone else?

If I do need to go with someone else, is it easy to switch over?

Will the fact that I have a BTL mortgage affect me when trying to buy a standard mortgage to live in?

 

Any additional help would be great

 

Many Thanks

 

James

 

 

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Hi James,

 

Do I need to go to the same provider that has given me the BTL mortgage or can I go with someone else?

No, you do not need to use the same lender unless there is a condition on your Buy to Let mortgage that you must use them for further finance, which is very unlikely.

 

If I do need to go with someone else, is it easy to switch over?

If you are looking to buy a second home to live in, then you will require a standard residential mortgage. Your ability to get a residential mortgage will depend on several factors such as your credit status, income, affordability and lenders criteria.

 

Will the fact that I have a BTL mortgage affect me when trying to buy a standard mortgage to live in?

It is hard to say without knowing the specifics of your current Buy to Let mortgage. But, generally it will depend on the rental income and mortgage payments on your Buy to Let mortgage as well as the lenders' criteria on the new residential mortgage you wish to acquire.

 

I hope this helps. If you have any further questions, please feel free to contact me.

 

Sami 

 

 

.

 

 

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