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1 mortgage 2 properties ?
reggie1970
Posts: 2 Newbie
I own a flat valued at about 280k there is a 60k mortgage on it. I want to buy another property of similar value as an investment and let it out. my earnings are 40k. I am 50 (aaarrgh) can I use the equity in current property as a deposit on the 2nd property. or what is the best way for me to do it? would so much appreciate any and all tips and advice.
0
Comments
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you would be looking for a BTL mortgage on the rental property and as a guide you would need 25% deposit and rent = 125% of mortgage interest
If you need to get the equity from your current property to release the deposit, you would need to increase your current £60k mortgage0
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