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Remortgage my house to raise BuytoLet deposit?
grifo
Posts: 1 Newbie
After spending a vast amount of time reading all the posts i have finally decided to make my own contribution!
I currently have a house worth approx £230k with £31k outstanding mortgage on repayment with 10 years left to pay.
I am looking to buy a second property to Let out approx value £110k
Would it be feasible to put £29k onto my mortgage putting it upto £60k
and use the money to put down a 25-30% deposit on a Buy to Let mortgage?
Would the bank have a problem with using the further
advance for a deposit or should i say its for 'home improvements'!?
The property would be for my sister in law to rent so i have a guarenteed
tenant so no worries in that department.
Any advise would be greatly appreciated......Thanks.:)
I currently have a house worth approx £230k with £31k outstanding mortgage on repayment with 10 years left to pay.
I am looking to buy a second property to Let out approx value £110k
Would it be feasible to put £29k onto my mortgage putting it upto £60k
and use the money to put down a 25-30% deposit on a Buy to Let mortgage?
Would the bank have a problem with using the further
advance for a deposit or should i say its for 'home improvements'!?
The property would be for my sister in law to rent so i have a guarenteed
tenant so no worries in that department.
Any advise would be greatly appreciated......Thanks.:)
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