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New House but Keeping Old One
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LovesMadMen wrote: »plus the existing mortgage is more than what the existing house is worth.
If the NW grant CTL for 3 years. Then this still leaves you the problem of remortgaging to a BTL product in year 4. As to do so will require sizable equity.
So if you intend to run the property as a rental business longer term. You need to have a plan in place at the outset.
Your mother may also need to be on the mortgage for the new property. If so. This adds a further complexity to the situation. As would remove a lenders security against recovery of debt on your current property. Should you default.0 -
Hi all,
Thank you all your advice.
We've got a lot of research to do over the weekend
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