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Switching to buy to let mortgage
beti1984
Posts: 17 Forumite
Hi there,
I am after a bit of advise on switching residential mortgage to buy to let. I bought my house a few years back as a first time buyer. The house is now worth 105k with the mortgage of 35k. I now need to move to a bigger place and ideally would not want to get rid of the house. I would like to keep it as a rental property. I have not got much to put towards the deposit on a new place, maybe 5k, looking to spent 120k on a new property. thats the idea but my bank is not willing to borrow me enough at the moment so I am not sure how to progress further. The bank cannot use the future rental income as of yet, they have told me that I need to have at least 3 months of visibility of it coming to my account. Does it mean that I would need to move out, rent it out and for the time being live at my parents? how much equity would I be able to withdraw front the existing house to use towards new deposit and how hard would it be to change the mortgage conditions to buy to let. Thank you for reading hope it makes sense and thank you in advance for any help.
Regards
I am after a bit of advise on switching residential mortgage to buy to let. I bought my house a few years back as a first time buyer. The house is now worth 105k with the mortgage of 35k. I now need to move to a bigger place and ideally would not want to get rid of the house. I would like to keep it as a rental property. I have not got much to put towards the deposit on a new place, maybe 5k, looking to spent 120k on a new property. thats the idea but my bank is not willing to borrow me enough at the moment so I am not sure how to progress further. The bank cannot use the future rental income as of yet, they have told me that I need to have at least 3 months of visibility of it coming to my account. Does it mean that I would need to move out, rent it out and for the time being live at my parents? how much equity would I be able to withdraw front the existing house to use towards new deposit and how hard would it be to change the mortgage conditions to buy to let. Thank you for reading hope it makes sense and thank you in advance for any help.
Regards
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