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Home to buy to let
hungary97_2
Posts: 92 Forumite
basics of story Bought flat and done it up cost 105K with 98K mortgage
Flat now worth 130K
Looking to buy house worth 125K need to be able to pay of loan of £12000 and £2000 from equity calculate removal costs of £3000 (17K needed in total)
If debts paid off can get mortgage for 95% of 125K Therefore need to have £6250 for deposit (£23250 in total)
Which leaves £8750 equity avaliable
therfore would mortgage co ler me transfer flat to buy to let and rent it out as buy to let and buy house i want with new mortgage????
Flat now worth 130K
Looking to buy house worth 125K need to be able to pay of loan of £12000 and £2000 from equity calculate removal costs of £3000 (17K needed in total)
If debts paid off can get mortgage for 95% of 125K Therefore need to have £6250 for deposit (£23250 in total)
Which leaves £8750 equity avaliable
therfore would mortgage co ler me transfer flat to buy to let and rent it out as buy to let and buy house i want with new mortgage????
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