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Re-Mortgage????
Comments
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trooperdog wrote: »Also just out of interest is there any one that will lend one mortgage on two properties?
No. The mortgage is the legal charge placed on a property to secure the debt. The actual loan is just that, a loan.0 -
trooperdog wrote: »Who does the valuation?? Im getting an EA in tommorrow for a bit of advice!
A surveyor representing the lender.
The rental income will need to be 125% of the interest charge on the loan. Based on a notional interest charge of between 5% and 7%. So not necessarily the rate you are applying for. As lenders will build in a degree of margin.0 -
thanks thrugil very helpful!
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can anyone see any other issues with this? it looks like a reasonably good idea to me but then im not the expert ....yet!!! lol0
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Only that net rental income is taxable. So this needs to be factored into your calculations.0
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Would I be well to go to my mortgage provider first and ask them if they can help me remortgage as they have already have my credit info and affordability info and if so would they need to go through the whole process again? Or should I go to a mortgage broker and look at a completely new lender??0
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