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Buy to let.
borich
Posts: 79 Forumite
My parents are transferring me my late Grandmas house whichis currently rented out at £560 a month and is mortgage free. Once the property has been in my name for sixmonths I will be getting a buy to let re-mortgage of 70K (the house is worth150k) and be using this money as a deposit for buying my own property.
The budget for my house buy is 249K to avoid the increase ofstamp duty so with a 63k deposit I’m looking at 186K mortgage (I need to putdown 25% deposit to get a good rate).
My question is should I get the buy to let in place eg themonies into my account or should I have the offer in place and have the moneyreleased a few days before I exchange on the house I am going to buy.
The last thing I want is the buy to let to be in place butnot be able to get a residential mortgage due to just getting a buy to letmortgage.
The budget for my house buy is 249K to avoid the increase ofstamp duty so with a 63k deposit I’m looking at 186K mortgage (I need to putdown 25% deposit to get a good rate).
My question is should I get the buy to let in place eg themonies into my account or should I have the offer in place and have the moneyreleased a few days before I exchange on the house I am going to buy.
The last thing I want is the buy to let to be in place butnot be able to get a residential mortgage due to just getting a buy to letmortgage.
0
Comments
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I would suggest you speak to a broker.
It can be done, but for various reasons this could become a nightmare.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 -
What is your income?0
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40k for me wife is 16k0
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