Letting my existing home and buying a new property

helpful07

I've recently been offered a new job which will mean that I have to re-locate.

I was wondering what my options are with my existing home?

I have a property which I live in and is mortgaged. To buy another house I would probably have to sell this house or get a bigger mortgage to release some money for a deposit!

Can I get a buy to let mortgage on my current home and then transfer my existing mortgage + extend it to buy another house?

or does anyone have any suggestions of how to do this and what information I might need?

brit1234

Probably best you sell unless you have some way to manage you rental from miles away.

Have you got the 25% equity for the rental property and then all the extra equity for a deposit on another home?

beachie

Hi,

It depends who you are with. My mortgage company said I could just rent it out on my current mortgage (currently 85% LTV) and then they would talk to me again in a year.

Certainly possible if the money you get in rent outways the money you save by selling and having a larger deposit for the new place.

Might be worth seeing a mortgage advisor as they will go through the figures with you.