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Remortgage to Buy to let
Ferndog
Posts: 1 Newbie
Me and my husband currently live in a tied house which comes with his job, we have no rent to pay on this property.
We bought a flat 6 years ago to have as a back up which has been let out ever since to the same tenant. I re-mortgaged last year for another 5 years but not on a buy to let mortgage. We have consent to let as we don't own another home.
My son (who is only just 16) may be getting a scholarship for a school which is over 2 hours away and we are think about buying a flat for him to live in and one of us would stay a few days a week.
My question is how easy would it be to re-mortgage the current flat to a buy to let interest only mortgage and buy another flat with a residential mortgage? Current flat has a mortgage left of £89k and is valued at around £165K.
Or would the easiest thing be to sell our current flat and use the money towards a new property? The only reason i wanted to keep the current one is that i have had the same tenant for 6 years and ideally wouldn't want to evict.
If we bought a new flat it would be around the £135K price.
My salary is £30k and husband about £25K
We bought a flat 6 years ago to have as a back up which has been let out ever since to the same tenant. I re-mortgaged last year for another 5 years but not on a buy to let mortgage. We have consent to let as we don't own another home.
My son (who is only just 16) may be getting a scholarship for a school which is over 2 hours away and we are think about buying a flat for him to live in and one of us would stay a few days a week.
My question is how easy would it be to re-mortgage the current flat to a buy to let interest only mortgage and buy another flat with a residential mortgage? Current flat has a mortgage left of £89k and is valued at around £165K.
Or would the easiest thing be to sell our current flat and use the money towards a new property? The only reason i wanted to keep the current one is that i have had the same tenant for 6 years and ideally wouldn't want to evict.
If we bought a new flat it would be around the £135K price.
My salary is £30k and husband about £25K
0
Comments
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You have sufficient income to manage both mortgages.
The one on consent to let on the current property.
The one on the new property for your son to live in .
Use a good mortgage broker.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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