what do i do

bettyboo2

hi could anyone please give me any advice do i remortgage my house.I have no mortgage left to pay on this house. to buy another one and rent my out to pay the mortgage or do i get another mortgage for the house that i want to buy ta

herbiesjp

You can do it either way.

Most people tend to raise as much as possible from the one they are going to let out, and then have a small or no mortgage on the property that they will live in.

Crinz

Depends on the financials at the end of the day.

If you are able to remortgae your own property to buy another one then you could (most likely) be in a favourable position as far as interest rates are concerned. Residential rates tend to be much lower than BTL.

You might not want to have a mortgage on your house though.

m_13

bettyboo2 wrote: »

hi could anyone please give me any advice do i remortgage my house.I have no mortgage left to pay on this house. to buy another one and rent my out to pay the mortgage or do i get another mortgage for the house that i want to buy ta

I'm not really sure why you keep asking for advice and then don't return to the threads. You've already asked about tax for renting it out and insurance when renting it out and been given advice on reading rules for landlords and doing a business plan but keep posting asking what you should do!

Conrad

It depends on your income age and status as to how much you can borrow on the new property, which in turn drives how much you borrow on the buy to let.

B2L rates tend to be a bit higher and the fees much higher.