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Secured loan on buy to let property
candles1978
Posts: 24 Forumite
Hi,
I wonder if someone can provide me with some advice. We are desperately trying to buy a home. Our current situation is that we are renting having sold our home to consolidate some debt that we incurred due to personal reasons. We have a deposit of about £30,000. We do, however, own another property on a buy-to-let mortgage that is worth approx £145,000 and has a mortgage of about £80,000.
Would it be possible to take a secured loan on this property to increase our deposit? How much can you typically borrow against your home?
We are trying to improve our credit file, however, due to the problems we don't have great ratings.
Thanks in advance
I wonder if someone can provide me with some advice. We are desperately trying to buy a home. Our current situation is that we are renting having sold our home to consolidate some debt that we incurred due to personal reasons. We have a deposit of about £30,000. We do, however, own another property on a buy-to-let mortgage that is worth approx £145,000 and has a mortgage of about £80,000.
Would it be possible to take a secured loan on this property to increase our deposit? How much can you typically borrow against your home?
We are trying to improve our credit file, however, due to the problems we don't have great ratings.
Thanks in advance
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Comments
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Did you clear the debt?0
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Yes we have0
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Yes, this is possible.
Speak to a good mortgage broker.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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 problems do you have on your credit file? Defaults, CCJ's, mised payments, missed mortgage payments, IVA, Bankruptcy?
What incomes do you have? How much rent per month for the BTL property?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 -
Hi,
We have missed payments and one default with 1 year to go. It will be settled this month. No CCJs, no missed mortgage payments.
My husband is on £50,000 pa and I am on £15,000 pa. Our rental income is £500 per month.
We are ideally looking for a mortgage of around £300-350,000.0 -
candles1978 wrote: »We are ideally looking for a mortgage of around £300-350,000.
Then selling the other property seems a more sensible solution.0 -
candles1978 wrote: »Our rental income is £500 per month.
We are ideally looking for a mortgage of around £300-350,000.
Not a chance of that mortgage amount with the rent at that level.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
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