New mortgage & buy to let....

[mrpbailey]

Hi all, I'm After some info regarding numbers & options on property.

Here's the situation:
Current home I bought for 105k, worth approx same now. I owe something like 88k on the mortgage.
I would like to move house, and have seen a couple of properties in the 250k range.
Ideally I'd like to keep my current property and rent out. I believe as a buy to let I'm looking at a max. 75% LTV?
What minimum % deposit do I need to purchase the new house, if I'm keeping the current one? 10, 15, 20?

what I'm trying to get is a general round figure of how much of my cash I need to put in to get into the new house whilst keeping & renting the current one?

Thanks for any advice

Paul

[mrpbailey]

Thanks, some good advice there, especially regarding the let to buy. I was working on a cost of 37k so good to know I'm in the right ballpark as this is the amount I'm most likely to put in. I think the current property would rent for 450-500 pm.
Would you recommend doing this? Or say, sell the current property and purchase somewhere else in a year or 2 with a lower LTV? Other issue is houses in my area aren't exactly selling quickly, and rental market is a lot more popular.

[mrpbailey]

Thanks Steve for the advice, will have a look through the guides on that link cheers.