I currently own my own house. I have no mortgage on it. I am thinking of raising a mortgage on my house to purchase a holiday home.
When I go to the mortgage comparision sites, what type of mortgage would I need? Am I re-mortgaging, buy to let, or first time buyer?
I forgot to add, that I haven't decided whther it will be let out, but if so, only a samll amount to friends.
You're remortgaging. A buy-to-let would be raising money on the buy-to-let property. First time buyer would be purchasing for the first time.
Rob Graham
,,,and letting it out?
>
Yes, letting it out. But you're raising the money on your own main residence, not on the buy-to-let. You could raise money on your main res to buy a Ferrari if you wanted. It so happens you're going to buy another house, which happens to be a BTL.
Rob
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