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**HELP** Time between mortgages?

W

Windscreenman

New Member
Hi, I have a property that I own out right and rent out, I would like to remortgage this property for £50k which wont be an issue as there is plenty of equity in this property, then put the £50k (remortgage money) along with £100k personal savings down as a deposit (£150k deposit) on a new residential property which will be my new main residence.

MY QUESTION IS...

HOW LONG DO I NEED TO LEAVE BETWEEN REMORTGAGING MY RENTAL PROPERTY AND APPLYING FOR A NEW RESIDENTIAL MORTGAGE FOR MY NEW PERSONAL RESIDENCE???

Thanks
 
F

FWL

Member
As these are two separate properties would you need to wait? For example, I often hear of investors buying two or more buy to let properties at the same time without any issues.
 
H

HelenBuck

New Member
you don't need to wait , and i think you can do it once , you don't need to remotgage it first for 50 k and after that to do it again with your +100 k , just do it at once . You should apply only for your new residential mortgage , with your 100k and remortgage property for 50k .
 
R

realdeals

Active Member
I don't think you will have any problems as you are remortgaging once, putting the £50,000 (together with your £100,000 savings) into another property and taking a mortgage on the second property. This is assuming that you will pass the mortgage affordability test.
 
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