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want to buy another house, however....
![[ANG]RK](https://us-noi.v-cdn.net/6031891/uploads/defaultavatar/nFA7H6UNOO0N5.jpg)
[ANG]RK
Posts: 8 Forumite
.....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?
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?
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Comments
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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.I am a Mortgage AdviserYou 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.0
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looking to borrow around £25000/£30000 - both houses worth around £150000 these days
rental income per house is around £1200 based on 5 students0 -
you can easily borrow up to 85% of the value providing that the rent is 125% of the mortgage payment.0
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where should I be looking for the loan?? the original mortgage place? or somewhere else?0
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any mortgage broker should be able to do it really, i use a great guy i'll pm you his number.0
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