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Secured Loan on a Rented Property
Hello,
New to this but looking for advice on a secured loan. I own a flat (currently using as holiday home) with no mortgage and am looking to get a secured loan (as large as possible) against the property, I will rent it out to a permenant tenant in order to make the loan payments which I realise I will need to do prior to applying for a loan but has anyone had any experience of a similar situation/know of any reputable lenders that will be able to help me?
The flat is worth around £110k, I am looking to loan as much as possible to put into a new building project and I think the flat will let for around £650pcm.
Thank you in advance
New to this but looking for advice on a secured loan. I own a flat (currently using as holiday home) with no mortgage and am looking to get a secured loan (as large as possible) against the property, I will rent it out to a permenant tenant in order to make the loan payments which I realise I will need to do prior to applying for a loan but has anyone had any experience of a similar situation/know of any reputable lenders that will be able to help me?
The flat is worth around £110k, I am looking to loan as much as possible to put into a new building project and I think the flat will let for around £650pcm.
Thank you in advance
0
Comments
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You'll need a BTL mortgage. Start with one of the comparison sites, or engage a broker.0
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