need advice

confusedcarol

Looking for some advice on a borrowing issue!!! I'd like to borrow more against my morgage (£20,000 in total) 1/ to clear a personal debt and 2/ to buy an investment for my buisness. My property is worth £70,000 and I've £23,000 left to pay - only problem is its a buy to let morgage (earning £90/wk) i think this woud be a no brainer for the bank as the rent will more than cover any costs and the only other option I have is to sell the property. Any ideas if there are any deals around to suit - I'm busting my head looking!

Thanks

kingstreet

So the rental income is £90 x 52 = £4,680 pa?

The property value is £70k.

The rental income would be sufficient to cover a mortgage of just under £75k using the usual figures. However, with a value of £70k, you should be able to get a BTL remortgage of 75%, or £52,500, at a decent cost.

That leaves you upto £29k on top of the repayment of your existing mortgage.

A broker would probably be your best bet for this. He'll help you avoid lenders with a high personal income requirement (some need £30k+) and high minimum valuation figure.