Hi

Now that house prices are falling I'm looking at buying a property to rent out.

As I've paid off the mortgage for the property I live in do I need a buy to let mortgage?
Would it be a the discretion of the the lender?

I'm assuming that BTL rates are higher because the majority of them are secondary mortgages.

Also, as It would be my only one could I claim to be a first time buyer?

Any advice welcome.

Cheers
Dave F.

"Dave F."  wrote in message 
news:l8KdnajM9vnkVCjVnZ2dneKdnZydnZ2d@brightview.com...
> Hi
>
> Now that house prices are falling I'm looking at buying a property to rent 
> out.
>
> As I've paid off the mortgage for the property I live in do I need a buy 
> to let mortgage?

Yes. Unless you raised the capital for the purchase on the house you live 
in, if the deal was better. You'd need to check the costs of the 
alternatives.

> Would it be a the discretion of the the lender?

Well, ultimately everything is.
>
> I'm assuming that BTL rates are higher because the majority of them are 
> secondary mortgages.

Not necessarily.

>
> Also, as It would be my only one could I claim to be a first time buyer?

No. If you've bought a house before, i.e. the one you're living in, you're 
not a first time buyer, are you? It's not a question of only owning one.

Rob Graham