Buy to let vs residental question

samson1313

I currently own my own house with no mortgage, i want to start acquiring some buy to let properties so intend to either remortgage my property to raise funds for deposits on buy to lets or sell my property (i havnt yet decided)

I was told to get buy to lets i need to own your own residential property (either with or without a residential mortgage) is this correct or could i simply for instance sell my current property move back in with parents and use all the money from the sale of my house to invest into buy to lets?


I know there are new tax and stamp duty implications on buy to lets before people start telling me this by the way!

Annisele

Different lenders have different criteria. Some do require you to own your own home; some require you to have a minimum income (usually in the region of £25k); some have other requirements.

If your plan is to sell your property and buy the BTLs outright, then lenders' criterai are pretty much irrelevant.

amnblog

Keeping your own home keeps your lending options wide. Selling it narrows them.

Get advice on that before you make the selling decision.