Buy to let mortgage and a normal one

Joeyk

I need a bit of advice
I own a property that's worth around £360000 which I rent out for £1500 a month. mortgage is £150000

I am getting married so want to buy a new house with my partner, for around £300000, I dint have any savings as all my money was invested in renovating the house.

I would like to rent my house out still but also buy another house is this somehow possible? How could I work this out?!

Is a buy to let mortgage the answer? !!

getmore4less

Basicaly you need to raise £300k.


How much money can you get max from the rental with a remortgage.
Probably 75% LTV so around £120k allthough rent cover might be an issue the gross yield is low at 5%

So what max size mortgage will your income support? say 4*

Does that add up to £300k

jeffabe

Hi can anyone help please.I have a house worth 275000 and still owe around 40000,was thinking of remortgaging to buy another property which is in total disrepair and from an auction.With the view to restore and maybe move into at some stage.Any advice on the best route to take would be really appreciated as I find it all totally confusing.I know if the markets crash I could rent it out and get a good return on my 100,000 which would be the price to buy and restore.Very cheap but would be doing all the work myself.Im new to this site so please go easy thankyou and sorry if shouldnt be posting here

inmypocketnottheirs

My advice would be to speak to a whole of market broker.