Chances of a 2nd mortgage?

[torqueofthedevil]

What would the chances be of getting a second mortgage? Say I already have one which was about 50k off 3.5 x salary. Would they lend me another 50k+ for another house? I'd want a repayment mortgage but would be buying the house to let so would not even affect my cash flow when it was let.

How are lenders treating situations like this in light of the economy?

[Valiant30]

You need to speak to a mortgage lender/broker really as each lender will view the risk differently.

Generally speaking, you'll be able to get a buy to let mortgage as well as your resedential one as you'll have an additional income (rent).

[98elise]

The lending criteria is different on a BTL.

They will be interested in your salary, but are unlikely to do all the normal checks etc. They will be be interested in want the house will rent for etc.

I took out a residential mortgage a year ago, and for my salary they wanted to see:

My last pay statement
My last P60
A letter from my company confirming the above
A bank statement showing the money appearing in my bank account.

I recently got a BTL mortgage and they wanted a copy of my last pay statement only. The BTL mortgage took less than a week to get approved, including survey

The BTL took me way above the normal residential lending limits

Edited by 98elise on Wednesday 2nd November 17:08

[anonymous-user]

Deposit requirement (15%+) and rental cover (at least 1.25x mortgage cost) were important last time I enquired.