Buy to let advice - funds for deposit

Daydreamer81

Hi, just looking for some advice on buy to let mortgages, I will explain my current situation... I have a repayment mortgage on a house I live in, mortgage is approx £50k and current value of house approx £120k, I also have another house which I own outright & currently rent out, approx house value £130k.

I am interested in possibly buying another property to let out but have not funds as a deposit for a buy to let mortgage, could I release funds from either of my two properties to cover the deposit of another property???

Any help or advice gratefully received!

Thanks

GMS

Yes. The rented property would be easiest.

Speak to a broker as many BTL products are broker only.

What rent does it achieve per month. What is your current income?

Daydreamer81

Thanks for the response, Current rent is £535 and income is £18000

GMS

Income is below the minimum required for many lenders. However as a landlord currently there will be options for you assuming all other criteria is met

Layla_T

You really just need to speak to an Independent Financial Advisor.
You might find that you can get your hands on a buy to let product with a lower deposit than you think.
You're already a landlord and sounds like you're dying to buy another investment, who could blame you. I'm an estate agent and agree sales to buy to letters all the time which are really sweet deals.
If there was any way I could get into it I certainly would, there's never been a better time!

somethingcorporate

Layla_T wrote: »

You really just need to speak to an Independent Financial Advisor.
You might find that you can get your hands on a buy to let product with a lower deposit than you think.
You're already a landlord and sounds like you're dying to buy another investment, who could blame you. I'm an estate agent and agree sales to buy to letters all the time which are really sweet deals.
If there was any way I could get into it I certainly would, there's never been a better time!

Not that you have a vested interest or anything

Thrugelmir

Layla_T wrote: »

You really just need to speak to an Independent Financial Advisor.
You might find that you can get your hands on a buy to let product with a lower deposit than you think.
You're already a landlord and sounds like you're dying to buy another investment, who could blame you. I'm an estate agent and agree sales to buy to letters all the time which are really sweet deals.
If there was any way I could get into it I certainly would, there's never been a better time!

Sounds as if someone is trawling for business.......

somethingcorporate

Thrugelmir wrote: »

Sounds as if someone is trawling for business.......

Judging from their public profile they almost certainly are.

Thrugelmir

Daydreamer81 wrote: »

Any help or advice gratefully received!

Thanks

Only said as an observation. If you need to borrow all the money to purchase anorther property. Have you considered the downside risk? As the upside would appear to be very limited in your business plan.

Daydreamer81

Thanks,

I have considered the downsides & I was really just wondering if it could be done, I inherited the first property I let out & don't really know a lot about this subject which is why I was looking for advise. I only want to do this for a certain house, which is actually next door to my current Btl, therefore know the area & know would be easily let out.

Thanks again for your replies