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remortgage for buy to let
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magali
Posts: 136 Forumite
My partner and I bought our first property 6 months ago and we are thinking about remortgaging in a couple of years.
We bought it at £136K, the mortgage is for 25 years (now 24y 6m)and still £124200 left to pay. We took a 2 years fixed rate.
We would like to keep our flat to rent it out and purchase a bigger property to live in by remortgaging the first.
We are planning to do a bit of work in the kitchen and bathroom so our flat could be valuate at around £155K.
We would like to buy the other property at around £220K.
Our joint income is 35K, we could get £600 pcm if the flat is rented.
Does anybody knows if this is possible to achieve? how much could we get by remortgaging?
We bought it at £136K, the mortgage is for 25 years (now 24y 6m)and still £124200 left to pay. We took a 2 years fixed rate.
We would like to keep our flat to rent it out and purchase a bigger property to live in by remortgaging the first.
We are planning to do a bit of work in the kitchen and bathroom so our flat could be valuate at around £155K.
We would like to buy the other property at around £220K.
Our joint income is 35K, we could get £600 pcm if the flat is rented.
Does anybody knows if this is possible to achieve? how much could we get by remortgaging?
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