Buy to Let Remortgage

SimonFFC_2

Hi all,

I am a new arrival looking for advice please...

I currently have a buy to let mortgage with Mortgage Express on a fixed rate deal ending November 30th for £125,000. The property was mortgaged at a value of £145,000 with a rental income of £650.

The property could now be valued at between £155,000 and £160,000 based on sold prices on nethouseprices.com and the rental income could be increased to a max of £750 subject to agreement of current tennants.

Can anyone advise on any suitable deals or offer any advice/suggestions?

Trollfever

Can anyone advise on any suitable deals or offer any advice/suggestions?

Gross rental income before interest and other costs £750 x 12 = £9,000 p.a.

Return on £160,000 depreciating property = 5.62%

Sell up and put the cash in the bank.

_Andy_

Are your tenants likely to accept a £100 increase?

SimonFFC_2

I do not want to sell the property for the moment and would like to hold on to it as a long term investment. I am sure I can get an increase on the rent and given there are other similar properties up for £750 I think I could get the extra £100 yes. They are good tennants and I know they do not want to move.