want to buy another house, however....

[ANG]RK

.....I have just quit my job! I currently have 2 houses that I let out to students, and would like to try to buy another house ready for september.

Only problem I have is getting the deposit sorted - both houses are on a BTL mortgage, so would I be able to borrow more against them to generate the deposit required?

herbiesjp

Without knowing the figures involved difficlut to say - but if you have got enough equity in the property and the rental income will justify the mortgage amount you are looking for then the answer could be yes.

[ANG]RK

looking to borrow around £25000/£30000 - both houses worth around £150000 these days

rental income per house is around £1200 based on 5 students

UK_Landlord_2

you can easily borrow up to 85% of the value providing that the rent is 125% of the mortgage payment.

[ANG]RK

where should I be looking for the loan?? the original mortgage place? or somewhere else?

UK_Landlord_2

any mortgage broker should be able to do it really, i use a great guy i'll pm you his number.