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Let to Buy
louasman
Posts: 1 Newbie
Hi
Has anyone had anything to do with let to buy mortgages?
I own a converted church which I want to rent out.I have a mortgage of £36,000 left on the church which is broken up into 4 potential rental units.
I want to buy a property that I have fallen in love with but is very expensive.
Can I raise a mortgage against the potential rents of £1350 a month. The church was valued at £400,000 last year! How much money would I beable to borrow?
Many thanks
Lou
Has anyone had anything to do with let to buy mortgages?
I own a converted church which I want to rent out.I have a mortgage of £36,000 left on the church which is broken up into 4 potential rental units.
I want to buy a property that I have fallen in love with but is very expensive.
Can I raise a mortgage against the potential rents of £1350 a month. The church was valued at £400,000 last year! How much money would I beable to borrow?
Many thanks
Lou
0
Comments
-
At a guess an absolute maximum of £200k to £230k in total, so up to about £190k net, though possibly less.
With most lenders they would be looking at you on Commercial Mortgage terms and one or two of the specialist BTL providers who can do this type of more exotic deal have closed their doors in recent months due to funding issues.0
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