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Converting current house/mortgage to buy-to-let & buying new property
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Thrugelmir wrote: »Lenders are moving the hurdle to 145% under regulatory guidance. Rent vs Mortgage interest at a notional rate of around 6%.
I was just going to mention that, having read a newspaper article which names lenders who have already changed the conditions.0 -
Yes!
I am after a Let-to-Buy mortgage. I was not aware this product existed. I have an appointment with my mortgage advisory early next week, will report back, thanks everyone.0 -
Hi everyone, quick update on post above.
I've had my house appraised for rent and can get £1,150/month. With a market value of £286k (as per estate agent quotes), my mortgage broker has advised me I can borrow £190k. Note, the amount I could borrow would not affected if the house was worth £300k. Amongst other tools, he used the MortgageWorks online calculator.
This means I can borrow an additional £53k (£190k - £137k mortgage remaining) via a Let to Buy mortgage. Thanks again for all the posts/help.0
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