Advice please on buying new property/remorg

VIGILANT22

[QUOTE=andyloc; really looking for some solid advice to help,
[/QUOTE]


For advice you need to see a whole of market broker so they can go through everything with you........

new_home_owner_3

look depending how much equity you have remortgage your house now that you live in do it interest only and add the amount you need for a deposit, make sure you will be able to let the house out in the future and that there will be no fees or hidden things crop up after to say you cant let.

Then take the extra cash you have from the first property and use it has a deposit for your new house, you then get consent to let and rent your old house out.

Theres two things with this you avoid paying loads for a btl mortgage and, you need to be aware of capital gains but if your like us and you lived in your old property for more than 10 years this wont be much if any, especially if you sell within three years.

This is only possible if you have a bit of equity another thing what i done would be try and get the longest deal you can on the one you are going to rent out, it will save you thousands.

if you give us the figures i would show you what i would do, but other people might have other opinions, the one thing i would do though is when you remortgage is get it in black and white that you will get consent to let.

new_home_owner_3

For example say your house you live in now is worth 150,000 and you owe 50,000 pound on it remortage it interest only for 100,000 pound and try and get it for 5 years, make sure you can get consent to let without any hidden fees.

Then when the funds clear apply for another residential mortgage using the 50,000 pounds you now have has a deposit, this will now fund you next purchase, then inform you lender you are going to activate the consent to let which they said yiu could do, and if you figures are similar to above the interest only payments will easily be paid by your rental income, infact you will probably make some money but its all about having enough equity.