Looking at my first buy-to-let.....
Discussion
I'm looking at my first buy-to-let, but have no idea how it works.
Property is £85k, 3 Bed semi, worth (once tidied up) around £110k.
I have a house worth £185k with £75k equity, but not much cash to use as a deposit.
Can I use my equity without having to re-mortgage (I'm on a great rate), to set against a new BTL mortgage?
Rental should be around £550-650 per month.
Thanks in advance.....
Property is £85k, 3 Bed semi, worth (once tidied up) around £110k.
I have a house worth £185k with £75k equity, but not much cash to use as a deposit.
Can I use my equity without having to re-mortgage (I'm on a great rate), to set against a new BTL mortgage?
Rental should be around £550-650 per month.
Thanks in advance.....
JCB123 said:
I have a house worth £185k with £75k equity, but not much cash to use as a deposit.
Can I use my equity without having to re-mortgage (I'm on a great rate), to set against a new BTL mortgage?
..
That's a question for your current mortgage provider to see if they will release equity. Your going to need 20pc minimum for the deposit on the btl.Can I use my equity without having to re-mortgage (I'm on a great rate), to set against a new BTL mortgage?
..
BoRED S2upid said:
JCB123 said:
I have a house worth £185k with £75k equity, but not much cash to use as a deposit.
Can I use my equity without having to re-mortgage (I'm on a great rate), to set against a new BTL mortgage?
..
That's a question for your current mortgage provider to see if they will release equity. Your going to need 20pc minimum for the deposit on the btl.Can I use my equity without having to re-mortgage (I'm on a great rate), to set against a new BTL mortgage?
..
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