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Can we get a mortgage on our rental property?
penguine
Posts: 1,101 Forumite
We own a flat outright, worth about £200k, which is rented out. We need to borrow £25k to cover service charges for repairs to the building. Is there any type of mortgage we'd be eligible for? I've looked into both buy to let and let to buy, but neither of those seem applicable to our situation.
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Comments
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It's a BTL remortgage of an unencumbered property.
You may find £25k is below the minimum of many lenders.I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Or, can you borrow against the property you live in now ? Further advance maybe ?
It would probably work out cheaper than paying all the fees for such a small mortgage on the rented property.0
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