BTL mortgage confusion
Discussion
Would you buy one cheap ish property (£120k ish) with 30% deposit on BTL or refinance an existing BTL which is only at 25% LTV and buy 3 on BTL basis with 30% deposit but taking your existing LTV on the single property to say 60%?
I had a meeting with my accountant to discuss and he suggested doing the latter and forming a LTD. He said to wait a year or so, so there is time to think it through but what does PH think?
I had a meeting with my accountant to discuss and he suggested doing the latter and forming a LTD. He said to wait a year or so, so there is time to think it through but what does PH think?
Long term houses are a safe enough bet anyways, if you can put all the rents back into paying off the original mortgage then even better, leaving that one free again to refinance as needed.
There is a couple of obstacles though thanks to the government, 3% SDLT, mortgage interest relief changes and also the possibility of interest rate hikes, do your sums carefully and stress test them to see how you fare with 5% interest rates for example.
There is a couple of obstacles though thanks to the government, 3% SDLT, mortgage interest relief changes and also the possibility of interest rate hikes, do your sums carefully and stress test them to see how you fare with 5% interest rates for example.
Gassing Station | Finance | Top of Page | What's New | My Stuff