Can I use my savings to put a deposit down for a second house and put rental in my current home?
06 April 2022
Question by Mohammed
I own my house outright can I use my savings to put a deposit down for a second house and put rental in my current home?
Answered by Joshua Gerstler
It's great that you are buying your second property.
If you are going to live in the new property then it makes sense to use your current property as a rental property.
If you wanted to, you could take out a Buy to Let mortgage on the current property and use the proceeds of this (along with your savings) to purchase your new home.
Alternatively, you could take out a Residential mortgage on the new home.
I hope that helps!