Hello all
Does anybody know if I can get an offset buy-to-let mortgage if I don't have another property to secure against the loan?
Our situation is this: We own a one bed flat which we moved out of when our baby was born. We're now renting a 2 bed and renting out our own flat on our pre-existing mortgage (with consent of lender). We have quite a lot of savings which we don't want to use to pay off the mortgage because we want it as a deposit to buy a house in the next 2 - 3 years (our current flat lost a lot of value in the crash and we don't want to sell it at a loss). When I've looked around for alternative mortgages, it seems nobody will give you a BTL if you don't ALSO own the house you're living in at present. Ironic for us, as the reason we can't buy a new house at present is because we're stuck with the high interest on the flat we're renting out!
Any ideas greatly appreciated!
Does anybody know if I can get an offset buy-to-let mortgage if I don't have another property to secure against the loan?
Our situation is this: We own a one bed flat which we moved out of when our baby was born. We're now renting a 2 bed and renting out our own flat on our pre-existing mortgage (with consent of lender). We have quite a lot of savings which we don't want to use to pay off the mortgage because we want it as a deposit to buy a house in the next 2 - 3 years (our current flat lost a lot of value in the crash and we don't want to sell it at a loss). When I've looked around for alternative mortgages, it seems nobody will give you a BTL if you don't ALSO own the house you're living in at present. Ironic for us, as the reason we can't buy a new house at present is because we're stuck with the high interest on the flat we're renting out!
Any ideas greatly appreciated!