Can i remortgage my existing property as a buy to tolerate?
we would like to know if we can remortgage our existing home to buy to let (as we would similar to to rent it out) and then buy another home and get a mortgage on this unsullied property?
Answers:
It shouldnt be a problem providing you get enough of a rental income to cover the mortgage on the buy to tolerate. It used to be 125% of the rentable income but I think that has come down surrounded by recent months.
Providing you have a fair amount of equity within the property it shouldnt be a problem as you won't need to a huge remortgage, if you only enjoy a small amount of equity you may struggle.
Obviously your income will be significant in getting a 2nd mortgage etc so I would advise that you see a mortgage broker to see where on earth you stand and then decide from at hand. Good luck!
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Answers:
It shouldnt be a problem providing you get enough of a rental income to cover the mortgage on the buy to tolerate. It used to be 125% of the rentable income but I think that has come down surrounded by recent months.
Providing you have a fair amount of equity within the property it shouldnt be a problem as you won't need to a huge remortgage, if you only enjoy a small amount of equity you may struggle.
Obviously your income will be significant in getting a 2nd mortgage etc so I would advise that you see a mortgage broker to see where on earth you stand and then decide from at hand. Good luck!
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