Buy-2-Let Mortgage Help!

RedfernProp

Thanks for the advice guys, mostly stuff we had looked at.

There's a couple of us doing this, not main income or profession, just long term pension pot on a steep learning curve!

With so few B-2-L players now remaining in the market, think cash is the way to go and hope to remortgage if/when things pick up.

Don't want to borrow against my house - nearly managed to pay it all off and wife would kill me!

jingle68

happybroker wrote: »

depends on loan amount, value, rent being achieved and your plans for the property really.

its currently 90k interest only, value about the same 90k,purchased for 113k (since the house price fall) rent £450pcm, plan to keep at least another 10 years. I have funds up to 30k to reduce the loan amount.

poppy10_2

jingle68 wrote: »

its currently 90k interest only, value about the same 90k,.

On those figures you won't be able to fix even if you want to - you are stuck on SVR, and will likely get pwned when base rates soar.

socrates

jingle68 wrote: »

its currently 90k interest only, value about the same 90k,purchased for 113k (since the house price fall) rent £450pcm, plan to keep at least another 10 years. I have funds up to 30k to reduce the loan amount.

I would take the SVR being offered.

If you want to do anything - get the 30k and use it to buy another property - instead of paying fees for a mortgage you already have and will not really be able to get a better rate for.