remortgage help need please.

wilwil_uk

hi there im looking for some advices regarding this for my mother, shes british citizen, retired, moved back to Hong Kong to live about 2 years ago. She has a property in UK free from mortgage and its let out at the moment. she is thinking if its possible for her to raise a deposit against her property to buy a 2nd property with a buy to let mortgage.

My mother is the sole owner of that property which is let out through estate agent at the moment. She is receiving monthly rental income to her UK bank account and also a monthly payment into her HK bank account from my father (i know it may not be counted as her regular income).

im a mature student and am looking to rent a house with my other 3 friends. thats why my mother is trying to find out if there is a way that she can raise enough money to put down as a deposit on the 2nd property near my univeristy and let to me and my friends.

i have spoken to a few mortgage advisors recommended on this site, some say yea some say we will be struggled because my mother is not a UK resident at the moment and also she is not employed, there wont be many lenders will do it.

i was told by the advisors that we will need to put down about 15 to 20% on a buy to let mortgage and the amount of borrowing will be very depending on the estiamated rental income per month. ideally the 2nd property will be between 150k to 180k, which means we will need to raise about 40k against the first property, is that correct? sorry we are very new to the buy to let and would like know if its do-able! thanks very much.

wilwil_uk

any help pleaseeeeeeeeeeeeee? :rotfl:

wilwil_uk

thanks guys