Let-to-buy mortgage to purchase a new home?

edited 3 October 2014 at 7:52PM in Mortgage-free wannabe
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sonny_csonny_c Forumite
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edited 3 October 2014 at 7:52PM in Mortgage-free wannabe
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  • abouttimetooabouttimetoo Forumite
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    Hi Sonny C

    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
    MFW Start Date 1.4.08. Updated 23.1.18. MFW date 1.8.18
    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
  • sonny_csonny_c Forumite
    54 Posts
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    Is it possible to move thread to House Buying Renting board?
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