2nd mortgage with 10% deposit?

[DeanR32]

Evening all

I currently have a mortgaged flat which I’d like to keep hold of and get a second property for the family. Can any mortgage savvy people answer me this please..

The flat has 25% equity in it at least. Can I change this to a buy to let, and then get a second mortgage for the family house with a 10% down mortgage?

My mortgage is with the Nationwide. They don’t offer but to let mortgages, but they offer permission to let. Could I get permission to let and still be able to get the second mortgage at 10%?

Any input would be grateful

Cheers

[Sarnie]

DeanR32 said:

Evening all

I currently have a mortgaged flat which I’d like to keep hold of and get a second property for the family. Can any mortgage savvy people answer me this please..

The flat has 25% equity in it at least. Can I change this to a buy to let, and then get a second mortgage for the family house with a 10% down mortgage?

My mortgage is with the Nationwide. They don’t offer but to let mortgages, but they offer permission to let. Could I get permission to let and still be able to get the second mortgage at 10%?

Any input would be grateful

Cheers

In theory yes, as long as everything stacks up, such as affordability and LTV

[DeanR32]

Sarnie said:

In theory yes, as long as everything stacks up, such as affordability and LTV

Thanks for the reply. I’ll get onto Nationwide in the morning and sort this out. I have a decent mortgage bloke but I don’t want to pay him twice to tweak the existing mortgage and arrange a second one

[Sarnie]

DeanR32 said:

Thanks for the reply. I’ll get onto Nationwide in the morning and sort this out. I have a decent mortgage bloke but I don’t want to pay him twice to tweak the existing mortgage and arrange a second one

Or find one that doesn't charge you every time