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Buy to Let options?
Jaybee1945
Posts: 2 Newbie
Hi,
I have two houses one in which I live and the other is let. They are both mortgage free and I would like some advice on the best way to borrow to but another house to let. I am retired and the idea would be to buy a smaller property now (around £160k) to eventually move into in about five or six years time after selling the house I live in. This would enable me to pay off the loan in full and release the equity. The house I rent out is worth approx (£100k) and my house is worth approx £300k
I am looking for the cheapest way to realise the deposit and the best interest only terms to pay the mortgage. Really would appreciate some advice..
I have two houses one in which I live and the other is let. They are both mortgage free and I would like some advice on the best way to borrow to but another house to let. I am retired and the idea would be to buy a smaller property now (around £160k) to eventually move into in about five or six years time after selling the house I live in. This would enable me to pay off the loan in full and release the equity. The house I rent out is worth approx (£100k) and my house is worth approx £300k
I am looking for the cheapest way to realise the deposit and the best interest only terms to pay the mortgage. Really would appreciate some advice..
0
Comments
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Probably best speaking to a broker. You should be able to raise the deposit on he new property from your existing btl and then be able to offset rent against mortgage interest.
You have a property but its still worth considering the risks as well as the benefits, including the right property, yield etc. similarly voids may have to be paid out of other income.0 -
How much are you looking to raise? How much rent do you get per month on the current rental property?
What is your income?
Definitely a broker case as many BTL lenders are broker only.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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