Interest only ending with shortfall. Advice please??

moatmeister

If you intend on renting it out I think you may have to convert to a BTL mortgage which would then then cap any borrowing at an LTV of 75% which is near the figures in your sums thus limiting your cash raising options. I am not a mortgage advisor so perhaps others could confirm this more specifically?

Egburt_Nobacon

C&G have agreed to extend the term for another 12 months so I will get on the case and get something sorted.

Is Mr Moatmeister's above post correct? if so that might scupper my plans. I had been assuming further borrowing possible up to 90% on a repayment basis even if I went onto a BTL and rented the house. If so should I try and raise some money on a residential basis first if I needed to for the building?

Thrugelmir

Egburt_Nobacon wrote: »

I had been assuming further borrowing possible up to 90% on a repayment basis

No 90% BTL mortgages are now available.

80% if you meet the requirements. Will at a hefty interest rates though.