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.

Increase My Mortgage for a BTL

scwajj
scwajj Posts: 2 Newbie
in Mortgages & endowments
My house is worth 380k (at least it was yesterday!) and my mortgage is 200k. I have a good 5 year deal with 3 years left to run and wondered if my lender is likely to agree to up my mortgage by another 100k on the same deal in order to fund a BTL. If so, it makes a BLT a financial possibility.

Any thoughts out there?

Comments

  • apk1
    apk1 Posts: 162 Forumite
    It will be unlikely to be on the same deal, but whatever is available now, they should allow it subject to income etc. This option will probably be cheaper than a btl mortgage as well.
    I am a Mortgage Adviser

    You 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.
  • SJW
    SJW Posts: 143 Forumite
    Who is your lender?
    “A banker is the fellow who lends you his umbrella when the sun is shining and wants it back the minute it begins to rain.” Mark Twain
  • Jonesya
    Jonesya Posts: 1,823 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    scwajj wrote: »
    My house is worth 380k (at least it was yesterday!) and my mortgage is 200k. I have a good 5 year deal with 3 years left to run and wondered if my lender is likely to agree to up my mortgage by another 100k on the same deal in order to fund a BTL. If so, it makes a BLT a financial possibility.

    Any thoughts out there?

    Given current BTL yields is it a profit making exercise? Would the rental yield cover the interest on the mortgage? Are you relying on capital appreciation?
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 347.9K Banking & Borrowing
  • 252K Reduce Debt & Boost Income
  • 452.2K Spending & Discounts
  • 240.3K Work, Benefits & Business
  • 616.5K Mortgages, Homes & Bills
  • 175.4K Life & Family
  • 253.6K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 15.1K Coronavirus Support Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture