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Extra borrowing on buy to let

mindyourlanguage
mindyourlanguage Posts: 265 Forumite
Part of the Furniture Combo Breaker
in Mortgages & endowments
Hello all

I have just changed my mortgage over to buy-to-let and was wondering how much I can borrow.

I have a 58K mortgage left over 14 years and the house is valued at £120k, I'm looking for about 35K if poss.

Would this be possible?

Thanks

Comments

  • AndrewSmith
    AndrewSmith Posts: 2,871 Forumite
    Hi,

    On the face of it, yes it may be possible.

    However you must consider it carefully as it depends on what the exta money is for as to whether it is the best course of action.

    Also, the Monthly rent must be equal to approx 130% of the mortgage payments (on interest only)

    Hope this helps

    Andy
  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    You are looking to borrow £93k in total against a property worth £120k.

    Provided the rental income is sufficient to justify the loan amount you should be ok - has the chnage to BTL already happened? If you are on a special rate, you may not be able to get the extra funds at the same rate.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • mindyourlanguage
    mindyourlanguage Posts: 265 Forumite
    Part of the Furniture Combo Breaker
    The BTL has just been changed yesterday and I have the same rate as I normally did.

    The extra cash is for home improvements, debt consolidation, and to buy a car.
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