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buy to let/ secured mortgage
woodstoke
Posts: 236 Forumite
just wondering if anyone can advise......
can i use my mortgage free home as security to purchase another property of the same value with a view to renting the new one out as an income......i have presently just become self employed with no accounts only a house as deposit and 10%... any ideas. home is valued at £150,000 new purchase £150,000 rentable value when finished £30,000 year and a £10,000 deposit on mortgage....
thanks
can i use my mortgage free home as security to purchase another property of the same value with a view to renting the new one out as an income......i have presently just become self employed with no accounts only a house as deposit and 10%... any ideas. home is valued at £150,000 new purchase £150,000 rentable value when finished £30,000 year and a £10,000 deposit on mortgage....
thanks
0
Comments
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No 100% mortgages these days. You could remortgage your current home, but you'd be limited to perhaps 80% of the value.
Ah, I see you have no provable income, so you would not be able to remortgage at all.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
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