Question for the fellow forum members...
We currently have 1 BTL property which is virtually mortgage free (only a nominal amount outstanding). (Flat 1)
We now have an option to buy another flat (Flat 2) in the block but would need to raise both deposit and mortgage for this.
If I was to remortgage Flat 1 to the tune of 50% (for the deposit) and then apply for a mortgage for the rest - and they were with the same mortgage company; for example the Mortgage Works - can it be done as a single application or would it be 2 separate applications? If the latter, would I have to do the remortgage first and wait until the money is received, then apply for the mortgage?
We currently have 1 BTL property which is virtually mortgage free (only a nominal amount outstanding). (Flat 1)
We now have an option to buy another flat (Flat 2) in the block but would need to raise both deposit and mortgage for this.
If I was to remortgage Flat 1 to the tune of 50% (for the deposit) and then apply for a mortgage for the rest - and they were with the same mortgage company; for example the Mortgage Works - can it be done as a single application or would it be 2 separate applications? If the latter, would I have to do the remortgage first and wait until the money is received, then apply for the mortgage?