Interest only Mortgage advise

Mjcjfhdbdjdjf

Hello, thank you for reading my post.

First to explain our circumstance, we live in Scotland new 2 bed flat (less than 5 years old) value 115k on the market for 100k and not moving been 5/months not one single viewing.

Now looking at our options on buy to let, we only have 43k outstanding so my first Question would be how much could we take out of this for our deposit on our second home?

Could this but to let be “Interest Only Mortgage” also for our new Principle home could this also be “Interest Only” are you allowed to have 2 “interest only Mortgages”. If so we would not need to take any equity from out current flat and would solve many issues for us.

Are there and calculators out there for interest only, could not find any online.

Thank you In advance

silvercar

Generally you would need a 25% deposit on a BTL. So if it is valued at 100k, you may get a 75k mortgage, so that gives you an extra 32k. Depends if the valuer agrees a 100k valuation, given you haven't had offers...also the rental income would have to stack up.

Interest only on a BTL should be ok, on a residential mortgage may be harder to source.

Can you afford the maintenance on 2 properties.