We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
FTB looking to take a residential mortgage and rent a room
Comments
-
For a BTL, you need 25% equity in the property. So say your property is worth £170k in 5 years, you will need £42.5k equity left in the property to remortgage to a BTL so you wouldn't be able to take out all the equity you have built up by paying the mortgage.
If you left £42.5k in, that would only leave you about £8k for your next property, taking into account you need to find fees, deposit etc from that.
You are going to need more savings or equity to make this plan work.0 -
If you left £42.5k in, that would only leave you about £8k for your next property, taking into account you need to find fees, deposit etc from that.
Thanks Angie B.
Could you explain how you got the £8k figure?Thousands of candles can be lit from a single candle, and the life of the candle will not be shortened. Happiness never decreases by being shared - Buddha0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.1K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards