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Remortgage or buy to let mortgage???
anders170
Posts: 27 Forumite
I want to invest in a small house to let. I have a fully paid for house worth £180,000 and income of £31k but only have savings of £15k, I dont have a clue where to start, do I remortgage my home to buy the property or get a buy to let mortgage? Does anyone have any experience of this who might be kind enough to advise me? I would be keen to get a mortgage where I can make heavy overpayments to reduce the loan size.
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Comments
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A 'normal' mortgage on your own home will be cheaper than BTL.
Make sure there is a clear audit trail showing the money was raised to buy the rental - then you can offset the interest against your rent tax.
Repaying the loan may be a good plan but of course you'll increase your tax liability, so do the maths.
See also:
New Landlords (information for new or prospective landlords)0
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