Hi
Now that house prices are falling I'm looking at buying a property to rent out.
As I've paid off the mortgage for the property I live in do I need a buy to let mortgage? Would it be a the discretion of the the lender?
I'm assuming that BTL rates are higher because the majority of them are secondary mortgages.
Also, as It would be my only one could I claim to be a first time buyer?
Any advice welcome.
Cheers Dave F.
Yes. Unless you raised the capital for the purchase on the house you live in, if the deal was better. You'd need to check the costs of the alternatives.
Well, ultimately everything is.
Not necessarily.
No. If you've bought a house before, i.e. the one you're living in, you're not a first time buyer, are you? It's not a question of only owning one.
Rob Graham
Here's my experience on my old rental house which had an excellent rental record and the mortgage was only ~50% value.
I requested they remove the 0.5% premium for BTL vs homeowner rate due to very low risk.
They agreed.
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