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BTL...what mortgage?
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Ripsnort
Posts: 2 Newbie
Hi
We're in the fortunate position to have recently paid off our mortgage;)
We are now on the verge of investing in a property to let, this will be my pension as I haven't got a decent one but hubby has.
A few questions:
Although we have no mortgage at present and disposable income of approx. £500 a month, do we have to have a BTL mortgage on the new property?
Hubby is a 40% tax payer, I don't pay tax, any implications?
Value of house we're looking at purchasing is £140K, we can put down a £15K deposit, rental income approx. £650 per month. Still trying to get our heads round whether to have a repayment mortage in which case the rental alone wouldn't cover or whether to go for a repayment. We're divided on this one
Also, I think we'd have headed straight to a bank/building society for a mortgage but after reading advice on here it sounds like a Broker is our best bet. Any recommendations on a good one?
Many thanks:beer:
We're in the fortunate position to have recently paid off our mortgage;)
We are now on the verge of investing in a property to let, this will be my pension as I haven't got a decent one but hubby has.
A few questions:
Although we have no mortgage at present and disposable income of approx. £500 a month, do we have to have a BTL mortgage on the new property?
Hubby is a 40% tax payer, I don't pay tax, any implications?
Value of house we're looking at purchasing is £140K, we can put down a £15K deposit, rental income approx. £650 per month. Still trying to get our heads round whether to have a repayment mortage in which case the rental alone wouldn't cover or whether to go for a repayment. We're divided on this one
Also, I think we'd have headed straight to a bank/building society for a mortgage but after reading advice on here it sounds like a Broker is our best bet. Any recommendations on a good one?
Many thanks:beer:
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