Hi
I currently have a property (from a break up) but I have consent to let until dec 2014 and rent it out.
In the meantime I am staying with my parents and saving enough money to switch it to buy to let and purchase another property.
My first target is to get it on BTL. However, I've read that you can't get a BTL on a property unless you already have a mortgage on another property you live in. Is this correct?
That seems a bit daft and scuppers me a bit, for example, take this scenario. I buy another property first to meet their requirements, then my consent to let runs out, a BTL is rejected as I don't have enough equity or charge enough rent, the CTL is not extended by my current provider leaving me to tell my tenants to go and me having to fund two mortgages.
So, my question is, what is the BTL ruling about having a BTL mortgage on the only property you own?
I currently have a property (from a break up) but I have consent to let until dec 2014 and rent it out.
In the meantime I am staying with my parents and saving enough money to switch it to buy to let and purchase another property.
My first target is to get it on BTL. However, I've read that you can't get a BTL on a property unless you already have a mortgage on another property you live in. Is this correct?
That seems a bit daft and scuppers me a bit, for example, take this scenario. I buy another property first to meet their requirements, then my consent to let runs out, a BTL is rejected as I don't have enough equity or charge enough rent, the CTL is not extended by my current provider leaving me to tell my tenants to go and me having to fund two mortgages.
So, my question is, what is the BTL ruling about having a BTL mortgage on the only property you own?