What mortgage options are left? Please reply!

Prudent

mshaw77 wrote: »

BTL mortgages are extremely exensive at the moment compared to residentials, you would be far better off taking out a residential Mortgage. The set up fees would be less and you would have a greater choice of lenders. If you own your current house outright why would you need a buy to let mortgage is this to raie the money to purchase the second property of which you are going to live in? Just checking or do you have £95K deposit plus your house you own outright? Your income is spot on for the 40K borrowing, the only thing is if you have any outstanding debts or adverse credit will effect the rates and lenders.

I was cosisdering a buy to let mortgage bacause I would then pay less tax on the income from my property. The money is to help purchase the second property. I know in ideally it would be best to sell, but the local market is very slow, while the rental market seems better for this type of house.

I will have to look at all the costs/ tax implications and do some sums. Thanks for your help

Yes have home plus the £95k deposit. No adverse credit ratings and no debts of any kind.