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But to let
pretorangejuice
Posts: 5 Forumite
Hi all,
I hope everyone is well. I am looking to remortgage on my main residence but get tenants in within the next month or so to pay the mortgage off.
My only option is the buy to let but will banks allow me to remortgage the property to release funds to help my parents out? The rental income will easily cover the repayments.
Rental income £1200 monthly and mortgage repayment £800.
I hope everyone is well. I am looking to remortgage on my main residence but get tenants in within the next month or so to pay the mortgage off.
My only option is the buy to let but will banks allow me to remortgage the property to release funds to help my parents out? The rental income will easily cover the repayments.
Rental income £1200 monthly and mortgage repayment £800.
0
Comments
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Depends on LTV.
'But to let' - sounds like something scrawled on a toilet wall
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What is the property value, and what is the mortgage outstanding?
Where would you go to live?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 -
Sorry buy to let.
LTV is 35%. In this climate - worse case scenario I default and the bank can go on and sell the property. Very very unlikely I would default.0 -
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So you are raising £119k to help your parents
Based on the LTV and figures it looks fine.
However you would need to make sure you fit the lenders rental coverage calculator.
And you would need need to be able to prove a minimum personal income
At that LTV there are some good BTL deals around (including broker exclusives)
So it just depends on what you are looking forI 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 -
So you are raising £119k to help your parents
Based on the LTV and figures it looks fine.
However you would need to make sure you fit the lenders rental coverage calculator.
And you would need need to be able to prove a minimum personal income
At that LTV there are some good BTL deals around (including broker exclusives)
So it just depends on what you are looking for
I've got good personal income. I should easily fit the lenders rental coverage calculator. Looks like I'll make a few calls to the broker. thanks0
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