Let-to-buy mortgage to purchase a new home?
sonny_c
Forumite 54 Posts
Post deleted
0
This discussion has been closed.
Latest MSE News and Guides
MoneySavingExpert
Chair, Martin Lewis · Editor, Marcus Herbert
sonny_c
Forumite
Replies
You might get some better answers on the House Buying Renting board albeit many on this one have a BTL
Re the 125%, yes, this is pretty standard as at a high level they need to know that the rental income will cover periods on non-occupancy and other things
You need to research this really carefully and understand all your obligations as a landlord and what the tax situation would be.
Start and look into what sort of fees you could pay to letting agents, or would you manage this aspect yourself, what would be your target tenant type, is the house one that would readily get tenants re type, location etc or, might it be better to sell it and buy another one specifically for BTL. Even if it would attract tenant with no problems, for some it's hard to see your previous home in a different way when it has tenants in it, me being one of those!
Good luck
Regards
ATT
Original Mortgage o/s £187,643 / £71,904 (-115,739)
Repay o/s £92,661 / now £55,900 (-36,761)
Int Only o/s £94,982, now £16,004 (-78,978)
Total daily interest £1 [a) £0.77 b)£0.23
Total OP's:2018 target £TBC YTD £1,995