Jun

14

Is it possible to get a 2nd mortgage on a 2nd house by renting out your first ?

Filed Under mortgage 

JCMG asked:


I have my first property which is a 3 bedroom house 2 bathrooms and a downstairs WC, All in all a pretty tasty property.
I reckon I could rent out the house for the same amount as the mortgage which is just under £600 however is on a variable rate so could increase.
Would it be possible if I rented out the property to take another mortgage?
As the house is paying for itself if it was rented out, I would have all my income that was originally used to calculate my original mortgage, so surely this means I can get lent the same ammount of money???

Harman Pellet Stoves
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