Help me!! Pls

dsb66

Can someone tell me whats the best/cheapest way to get money from my own property That i have no mortgage on. (Thanks in no small part to THIS SITE) and release it to buy another home?

I want to move quick on a house my wife has fallen in love with, but think that in the current market place my home will take longer to sell and we might loose the house of her dreams.

Should i get a buy to let mortgage and rent MY house out? move into the new one. Hoping the rent covers all the bills and eventualities. Or take out a loan for the difference of 120K until my house sells to pay it off?

Any words of wisdom would be gratefully received! That is of course if anyone knows what i am talking about LOL

You would think I'd know this, but since my accident my mind is not what it was once and figures are a blur now!

Thank you in advance anyone who can help.

getmore4less

What are both places worth?

How much spare cash do you have?

How much income do you have?

Wh05apk

getmore4less wrote: »

What are both places worth?

How much spare cash do you have?

How much income do you have?

?????:wall:

If you are looking to rent the property out, then a buy to let (on a let to buy) basis would be cheapest, you should look for a deal with no redemption penalties if you are also looking to sell. If you do not intend to rent then you should be looking at bridging finance, however this can be very expensive.

If you go the BTL route you could borrow around about 70-75% of the value, the lender will look to ensure that the rent covers the mortgage by 20-30% so providing it is let, it should be self financing.