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Help with second property.
sean_the_sheep
Posts: 1 Newbie
Hi all, I have been reading these forums for a while and there are an impressive amount knowledgeable people here.
So I would like to ask everyone for help with my little dilemma.
I own a 3 bed house which I live in, and rent 2 of the rooms. The plan is to buy a second smaller property and fully rent out the house. I know the money received from the rent will not cover the mortgage/bills but I’m looking at this as a long term investment.
Me – I earn 30k a year (£1825 a month after tax), I have a small debt which will be paid off soon.
The house is up for a re-mortgage next year. The property is valued at 210k but I the mortgage outstanding is 167k.
I rent 2 rooms out for a total £725 per month. I can get more, but I charge just under the market rate to encourage the tenants to stay. But potentiality, I can rent the whole house for £1125 per month.
The new property is valued around 130k (I will try to reduce the cost).
Can anyone advise me the best way to re-mortgage the House so I can buy a second property, or should I wait for a few more years?
Thanks In advance for your help
Sean the Sheep.
So I would like to ask everyone for help with my little dilemma.
I own a 3 bed house which I live in, and rent 2 of the rooms. The plan is to buy a second smaller property and fully rent out the house. I know the money received from the rent will not cover the mortgage/bills but I’m looking at this as a long term investment.
Me – I earn 30k a year (£1825 a month after tax), I have a small debt which will be paid off soon.
The house is up for a re-mortgage next year. The property is valued at 210k but I the mortgage outstanding is 167k.
I rent 2 rooms out for a total £725 per month. I can get more, but I charge just under the market rate to encourage the tenants to stay. But potentiality, I can rent the whole house for £1125 per month.
The new property is valued around 130k (I will try to reduce the cost).
Can anyone advise me the best way to re-mortgage the House so I can buy a second property, or should I wait for a few more years?
Thanks In advance for your help
Sean the Sheep.
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