remortgaging to buy to let

tonihudson278

I have a property which I am renting out due to not being able to sell & want to remortgage to a buy to let mortgage as I have relocated & want to purchase a 2nd mortgage property in my area eventually.

after researching I think i owe just below the value of the property, I dont really have any savings apart from money for fees etc.

what are my chances?

Ideally I want to sell the house but I bought it at the wrong time & payed 83,000, now its worth aprox 70,000.

luckly, I payed quite a deposit & owe aprox 65,000 on my morgage.

not sure what to do for the best, any advise would be much appreciated

Annisele

Do you have consent to let from your existing lender? If so, it's likely that switching to a BTL mortgage will cost you more than you're paying now.

If you don't have any money for a deposit for the new house, you won't be able to buy a second property until you save that deposit.

Dave_Ham

Absolutely no chance of switching this to a buy to let I am afraid. As stated above your only chance is switching over to a consent to let and then that will depend on the policy for the bank.

Again, as stated you will need at least a minimum 5% deposit, depending upon your situation.

Who is the current mortgage with?

tonihudson278

I thought so, thanks,

Im with skipton and yes I looked into a consent to let and it will make my payments go up quite abit. what would happen if I rented it out anyway?

So if i managed to get a 5 % deposit Would I be able to take out a 2nd mortgage? also looking into part exchange schemes on new houses but not many seem to do them anymore?

Thanks for your help