Possible to buy second property?

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  • Possible to buy second property?

    I have one flat let out value 220k mortgage 128k equity 92k. Rent 9k a year.
    want to know if its possible to buy a second.
    Last year i arranged the current btl mortgage based on my income of 30k iwas able to borrow up to approx 140k but settled on 128kfor alower rate.
    This is with natwest. I rang them again and things have changed they will only lend 101k for another purchase.
    I dont have any other properties.
    My income is still approx 30k.
    I have 20k in the bank and 73k owed to me coming back at 1.5k a month. Although i could possibly get 30k back soon which would increase my deposit to 50k.
    is there a way to get another btl mortgage through a different bank or broker?

  • #2
    Hi Propertygoesup
    Funding a second purchase is definitely on subject to the type of property being acquired and meeting criteria, the rental being sufficient and having a minimum of 20% and ideally 25% deposit immediately available. The fact that your primary income is £30000 allows full access to competitive rates within the BtL market rather than being restricted to lenders who have no minimum income requirement.

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    • #3
      Hi loanarranger
      It appears NatWest no longer lend what I require, and they were one of the only banks who would consider me based on the fact I don't own my own residence. There was only a handful of lenders who didn't require your own residence. Are you aware which other banks allow this?

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      • #4
        To start off , you can request your broker to approach TMW or Foundation Home Loans or Precise Mortgages, there are others but these should help you get going , unfortunately like so many lenders today , they are Intermdiary driven rather than direct to the public.

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