Need to raise equity

boqq_2

We need to move fast to reduce 3 hr commute and also get away from a not so good school. The only way we can think of doing this is by taking a buy to let mortgage to raise equity and then taking a residential mortgage on the new property. We are not convinced to rent our current home as we've seen how houses have been trashed by renters. Are there any other ways to get round this? With two very young children, trying to sell a traditional cottage while still living in the house will prove a nightmare.

Let_Us_See

If you have to move fast, and you are convinced a quick sale may not be forthcoming, then it might be your only option. Just have to prioritise your needs.

Foxy-Stoat_3

If you want to move, then sell and move....if you want to become a landlord of your current home then research it as much as possible before going down that road.

Why would selling a property be any more of a nightmare if your still living in it.....assuming its not like one of them homes in the life of grime!!!??? That's how many homes are sold these days, while still occupied.

BTL mortgages need 25% equity and the rental income will need to be 25% more than the new BTL mortgage payments.

Your new home will need some sort of deposit 10-15% to get a good deal.

Do you have enough equity in your current property?

boqq_2

Yes we have loads of equity. No it is not grimy but cluttered with kids toys as a bit too small for us. Will look better uncluttered. Plus there is an opportunity to get the next property at a fantastic price about 70000 less than properties have sold for on the same street. So no time to sell ours really as there are others interested.