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2nd mortgage/ remortgage for deposit?
Newheight13
Posts: 209 Forumite
Hi,
I purchased a property for 170k with a 33k deposit and the expected rental income was £950PCM. I spent 30k renovating it and it’s now being rented out for £1500PCM.
I purchased a property for 170k with a 33k deposit and the expected rental income was £950PCM. I spent 30k renovating it and it’s now being rented out for £1500PCM.
Can I lend any anymore for an onward purchase towards deposit? TMW is the lender.
Many thanks!
0
Comments
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Possibly. You'll have to ask TMW if they will lend you more based on the numbers.
Actually I think TMW are broker only, if that's correct you'll have to ask your broker.0 -
I think the limiting factor here will be how much equity you have in the property. Do you have a repayment mortgage or an interest only mortgage? How much is the property worth now?
When you bought the property you had just under 20% deposit. This is already quite tight I think.0 -
I think it would have increased only around 40k in value, so I’m
guessing I cam only lend an extra 20k ish. If it was based on rental income then maybe more but not entirely sure how it works.Many thanks!0 -
You borrow, they lend.1
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