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Buy To Let if house doesn't sell?
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tbumps
Posts: 36 Forumite
Hi
This may be a silly question so please bear with me! We want to sell our house to buy a house/shop with a commercial mortgage. If our house doesn't sell (or even if we think it may do but want to gamble on house prices going up), would it be feasible to change to a buy to let mortgage and borrow up to the current value of the house, i.e. increas our mortgage? Although we don't earn enough to increase our mortgage with our current lender, would they consider the rental income to be income for the purposes of affording a higher mortgage?
This would still leave us with the need to get a commercial mortgage for part of the purchase price but would mean we didn't need to look for a comercial mortgage for the full price.
Is this feasible?
TB
This may be a silly question so please bear with me! We want to sell our house to buy a house/shop with a commercial mortgage. If our house doesn't sell (or even if we think it may do but want to gamble on house prices going up), would it be feasible to change to a buy to let mortgage and borrow up to the current value of the house, i.e. increas our mortgage? Although we don't earn enough to increase our mortgage with our current lender, would they consider the rental income to be income for the purposes of affording a higher mortgage?
This would still leave us with the need to get a commercial mortgage for part of the purchase price but would mean we didn't need to look for a comercial mortgage for the full price.
Is this feasible?
TB
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