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buy to let morgages-help!
mommaB
Posts: 1 Newbie
hi i am new to this.
Can anyone give me some sound advice, i am looking to release some money from my property to buy another house. i want to live in the new house and rent my old one out.
with me so far!
i have had a few qoutes from an independant finacial advisor but the fees for releasing equity and a new morgage seem high .can anyone help me understand.
x
Can anyone give me some sound advice, i am looking to release some money from my property to buy another house. i want to live in the new house and rent my old one out.
with me so far!
i have had a few qoutes from an independant finacial advisor but the fees for releasing equity and a new morgage seem high .can anyone help me understand.
x
0
Comments
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Are those his fees? Or mortgage related fees i.e arrangement/valuation/booking etc?I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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That is such an open question that I'm not going to touch it...
Well apart from -
1) BTL is higher risk, and therefore the fees involved are higher as well as the requirements (i.e. 25% deposit and higher % interest).
2) From a tax perspective you need to act carefully in arranging this to ensure you get the full tax deduction for mortgage interest.
3) If you read around the subject more and come back with specific questions about elements of this type of investment then it will probably be more worthwhile and you will receive targetted and relevant advice...I can take no responsibility for the use of any free comments given, any actions taken are the sole decision of the individual in question after consideration of my free comments.
That also means I cannot share in any profits from any decisions made!;)0
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