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Buying a second home and reting out current home
Garfunkel_2
Posts: 1 Newbie
I currently live in a flat joint owned with my partner.
What Id like to do is rent this one out and buy another too live in?
What would be the best way to do it?
What issues are there? Capital Gains? How much will a lender give us if are letting out another property?
Cheers
What Id like to do is rent this one out and buy another too live in?
What would be the best way to do it?
What issues are there? Capital Gains? How much will a lender give us if are letting out another property?
Cheers
0
Comments
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change mortgage to buy to let0
-
It's called let-to-buy.
These mortgages are specifically designed to allow you to purchase another main residence without selling your current home, on the understanding that you will let the existing property. You may also (subject to lenders criteria) use the let to buy mortgage to raise a deposit for your new purchase using the equity in your current home.
There are plenty of lenders out there offering this, which one is suitable depends on your situation and the figures involved.
Hope this helps
Andy0 -
Hi Andrew
can you name a few lenders that do this, as there are so many people coming to me to try and get consent to lease - mi'd thing this would be better for them0 -
Of course
Just a quick list of resulting lenders from a hypothetical source I did just now. This is not an exhaustive list and I am sure that others will add to it.
Accord Mortgages
Amber Homeloans
Bank of Scotland
BM Solutions (Birmingham Midshires)
Bristol & West
Chelsea Building Society
Freedom Lending
Future Mortgages
GMAC-RFC
Kensington
Leeds Building Society
Norwich & Peterborough
Platform Homeloans
Skipton Building Society
The Mortgage Business
UCB Homeloans
As I said, this will not be an exhaustive list but is the resulting lenders of a search I did using random figures.
Hope this helps
Andy
P.S. What is it you do? 0 -
Thanks
the lender I work for does not do it see, but we do consent to lease
but i think this is better for them
thanks0
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