Buy-to-let

Tony1958_2

Hi Guys,

I am considering getting into the buy-to-let side of life and whilst I've done plenty of homework regarding the cost of houses/flats etc, I'm still a little confused about how to release the equity in my house. Should I simply re-mortgage (I still owe about £30K with 2 years to run)? Can anybody explain what "income drawdown" means? I would like the facility to move quickly and have the money available when I need it rather than waiting for weeks for the bank /BS to get their act together.

Any help would be appreciated.

Tony

dunstonh

Can anybody explain what "income drawdown" means?

Thats a pension term and hasnt anything to do with mortgages. Although a similar term exists for a drawdown mortgage. Cant see either of those being useful for you with a BTL.

You either ask for a remortgage on your own or you get a buy to let mortgage on the other.

Its good you have done your homework and still feel it is worthwhile. Most, including myself, think its a pretty awful time to be doing a buy to let right now with rental income yields so low and property prices so high (compared to income and long term averages). Its a brave decision you are making and I hope the risk you are taking pays off.