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Buy to let mortgage - thinking of moving house
Steph260311
Posts: 6 Forumite
Hi
Not sure if its possible but I have a mortgage of 28k on my home which is worth approximately 70-80k
If I wanted to move house and let out my current home would it be a good idea to get a buy to let mortgage (not sure if that's what they're called) on current home and rent out to release some equity to go towards our next home?
Don't have massive amounts of savings.
Hope this makes sense.
Not sure if its possible but I have a mortgage of 28k on my home which is worth approximately 70-80k
If I wanted to move house and let out my current home would it be a good idea to get a buy to let mortgage (not sure if that's what they're called) on current home and rent out to release some equity to go towards our next home?
Don't have massive amounts of savings.
Hope this makes sense.
0
Comments
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You may be able to get consent to let from your lender but if you want to release funds for a deposit you need a Buy to Let.
Check arrangement fees as they can be expensive. Often a higher rate can be a better deal overall when rates are taken into account.
Make sure rental income would cover the mortgage plus 25%.
A broker would be worth a chat as there are many Buy to Let mortgages exclusively available to brokersI am a Mortgage AdviserYou 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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