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How much money can I raise?
Skag
Posts: 480 Forumite
I own 2 properties which are rent out as 4 bed HMO. Suppose the cost of each is 250k (500k in total), and I rent the property I live in at the moment, how much money could I raise to finance a 3rd property, roughly on the lines of 250k by taking a mortgage on the properties I own?
I'm read on another thread that not many lenders will issue mortgages on properties I do not own.
I'm read on another thread that not many lenders will issue mortgages on properties I do not own.
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Comments
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I suggested OP posts here.
The last sentence was my suggestion that not many lenders will be interested in giving BTL mortgages when the landlord is renting the property he lives in. Would the fact that the landlord is already letting the 2 properties he owns outright help him get a mortgage on them? So the scenario is that he wants to raise mortgages on the 2 existing letting properties to finance the purchase of a 3rd BTL.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
You have property worth £500k so theoretically you might be able to borrow 75% * £500k = £375k (assuming the income covers 125% of the mortgage interest)
^ Taken from post #8 on your other thread.
Go and see a broker for real options."Dream World" by The B Sharps....describes a lot of the posts in the Loans and Mortgage sections !!!0 -
Do you have HMO Licences for the properties?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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