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Buy to Let or Re-mortgage
unkle007
Posts: 1 Newbie
Hi all
just hoping for some of your thoughts / advice / general good sense:
my sisters and I were left a property about 25 years ago and now the area has improved so has a pretty decent value. Its mortgage free and is currently let on a 12 month lease.
Our feeling is that we could be using the capital a little more efficiently so want to borrow against the house and invest in some other houses / flats.
What would be the best way of doing this in terms of getting a mortgage? Would we need to provide deposits or could this be included as part of the secured loan?
Thanks a lot
just hoping for some of your thoughts / advice / general good sense:
my sisters and I were left a property about 25 years ago and now the area has improved so has a pretty decent value. Its mortgage free and is currently let on a 12 month lease.
Our feeling is that we could be using the capital a little more efficiently so want to borrow against the house and invest in some other houses / flats.
What would be the best way of doing this in terms of getting a mortgage? Would we need to provide deposits or could this be included as part of the secured loan?
Thanks a lot
0
Comments
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If you own the property outright, you could remortgage onto a buy to let mortgage, releasing capital, probably upto about 70% of the value, depending on the rent you receive.
Best option would be to find a broker, to run through your options and source the best package.I am a mortgage adviser.You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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