How do you buy a second house?

[Katymac]

I'm trying to mess arround with the childminding and I've come up with this idea of buying a second house.

If I bought another house for DH and DD to live in and I sort of lived here (in name maybe)

Would that work? Can you live at 2 houses?

How would I get a mortgage for the second house - buy to let? or some other way?

Is there an easy way round it?

Even if my Grandma dies (she's well old) my dad gets the money

if you do a self certification mortgage it doesnt matter how much you earn as you are self employed and dont have to show many details, we`ve done it in the past through our brilliant financial advisor who knows which companies to apply for[woolwich is good] and another friend of ours has just done the same thing and sailed through the mortgage process and moved in a few weeks ago.as long as you can afford the payments thats all they want to know..basically you say how much you can afford and your financial advisor will sort out how much you need to borrow.simple as that..

That might be possible

Thanks everyone for letting me whitter on

What we did was get the mortgage lender of our house to give us permission to let out the house. They didn't charge us any extras or change our rate (90% mortgage still) just exclusions on who we are not allowed to rent out to.

Then we got a second residential mortgage (95%)after presenting the letter from the first letter and a rental valuation from an ARLA letting agent to the second lender. They just assume that we will rent out the first and that it will pay for itself once the second one is completed. So two residential mortgages.

It's useful if you dont want to get stuck in a chain when you find your dream home and want to move quickly. Have met someone who has managed to buy six properties that way. Buy on tesidential, get permission, move.

Beware though, you have to be able to meet the payments of both properties.