a friend says that :
'it's ILLEGAL to have more than one residential/personal mortgage under the same name'
is he right?
please can people out there clarify this .... CHEERS!!
2007-07-10 03:39:52 · 6 answers · asked by bluecow 5 in Business & Finance ➔ Renting & Real Estate
i forgot to add, this is a UK question.
2007-07-10 04:41:44 · update #1
Thanks to ALL..
i know that you are allowed MORE than 1 BUY -to - Let mortgages, but i am talking about Primary Residential Mortgages.
2007-07-10 04:57:36 · update #2
You can only have one PRIMARY residental loan, the rest are investment loans, but you can have as many of those as you want.
2007-07-10 03:45:47 · answer #1 · answered by Landlord 7 · 2⤊ 0⤋
Absolutely not. Most lenders allow borrowers to have up to ten mortgaged homes.
2007-07-10 03:52:50 · answer #2 · answered by Justin 3 · 0⤊ 0⤋
In some countries, this could be true but not in the USA.
2007-07-10 03:49:47 · answer #3 · answered by Anonymous · 0⤊ 0⤋
No not at all. that is how some people make their money!! They buy them, then rent them out.
2007-07-10 04:55:09 · answer #4 · answered by OriginalBubble 6 · 0⤊ 0⤋
No, I've had as many as 6.
2007-07-10 03:50:20 · answer #5 · answered by Bostonian In MO 7 · 0⤊ 0⤋
No..
2007-07-10 03:43:12 · answer #6 · answered by Anonymous · 0⤊ 1⤋