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Remortgage -Buy to Let or Residential HELP!
lawyer2b_2
Posts: 3 Newbie
Hi,
I was hoping for some words of wisdom as I feel completely lost!
We have a property worth 150k, mortgaged at 100k and no tie-in to our existing lender (Principality flexi-mortgage). We're moving at the end of August, don't intend to buy elsewhere for a couple of years and have tenants already signed up from July (but not moving in until September).
The tenants are students on a fixed 12 month shorthold tenancy. The monthly rental income is £715.00 and I am keeping a room to use when in the area. The rental will go up next year by aprox. £195 pcm (to £910 pcm) when I'll no longer be using the room.
I want to release a further 30k in equity to pay my (massive) training fees of £15k and living costs.
So, to sum up: I need £130k of mortgage for a house worth £150k and whichever mortgage I have must allow me to rent rooms to students.
If someone (anyone please!) could offer some pearls of wisdom I'd be hugely grateful.
I was hoping for some words of wisdom as I feel completely lost!
We have a property worth 150k, mortgaged at 100k and no tie-in to our existing lender (Principality flexi-mortgage). We're moving at the end of August, don't intend to buy elsewhere for a couple of years and have tenants already signed up from July (but not moving in until September).
The tenants are students on a fixed 12 month shorthold tenancy. The monthly rental income is £715.00 and I am keeping a room to use when in the area. The rental will go up next year by aprox. £195 pcm (to £910 pcm) when I'll no longer be using the room.
I want to release a further 30k in equity to pay my (massive) training fees of £15k and living costs.
So, to sum up: I need £130k of mortgage for a house worth £150k and whichever mortgage I have must allow me to rent rooms to students.
If someone (anyone please!) could offer some pearls of wisdom I'd be hugely grateful.
0
Comments
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buy to let, allowing student rentals will restrict your choice of lender significantly.
If it were me I would look for a residential remortgage but ensure that you choose a lender that will consent to let in the future.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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