Is it possible to have two mortgages (not buy to let)

[salsagirl]

I already own a house that I rent out (currently living with partner).  I have come into some redundancy money, and am thinking of investing in another house, but would need to get another mortgage.  I am loath to pay the buy to let rates as they are more expensive.  If I dont mention the first mortgage, and keep a separate bank account for all transactions, is it possible to get another mortage on another bank account without going buy to let?  Or is this fraud?

[Buenchico]

If you can honestly answer every question on a mortgage application form (and also ensure that you haven't defrauded the tax man in the process) then it might be possible to argue that no fraud has taken place when you obtain the second mortgage. Unfortunately, there are going to be questions on the forms which you will be unable to answer honestly.

Try if you like but, at some time in the future, expect to hear the Clerk of the Court read out ". . . did knowingly obtain a money transfer by deception, contrary to Section 15A of the Theft Act 1968 as amended by Section 1 of the Theft (Amendment) Act 1996".

Chris

[joko]

could you put it in your partners name or family member, then transfer them over at a later date?

I don't really know but might be worth checking out

[Loosehead]

They will see you have a mortgage by your credit records.

[kags]

Do you know that you are already defrauding your mortgage lender by not advising them you are renting out your existing house? Have you notified your insurer? - you may not be covered if you haven't

As Loosehead points out, they will check your credit history, but if you give a different address they may not spot the existing mortgage. However, this is fraud. You are going to have to take the extra interest rate on one of the mortgages, both if you live in neither house!

Buenchico mentioned the Inland Revenue - you don't get mortgage interest relief at source any more, but you must declare any profit you make on renting the properties.

[flipflop104]

Why don't you pay off your current mortgage with your redundancy money and then you will be able to save the money you make on rent in a high interest savings account?� I know it's not what you asked but just an idea...

[sandras]

Of course it would be fraud. It's not that you can't do it, but as and when you get caught you will pay the penalty.

Why not shop around for the best buy to let deals - some are extrememly good