Buy to let investment

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    Buy to let investment

    Hi everyone , i will need some advise to get the best from my situation . I have 2 properties one buy to let valued 145000 and 61250 mortgaged left and the other one residential valued around 180000 and 112500 mortgaged left . What would be the thing to do to get equity and buy more properties . Many thanks

    #2
    Speak to a mortgage broker and tell them you’ve got one buy to let valued 145000 and 61250 mortgaged left and the other one residential valued around 180000 and 112500 mortgaged left and you want to get equity and buy more properties.
    Its not easy for people on here to give advice as we don’t know all the specifics such as your age, how long you have left on your fixed term, what you’re rental income is and what your personal income is.

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      #3
      As a broker I would firstly focus on gearing up to say a maximum of 75% on your current Buy to Let : Despite the changes which continue to occur within the BtL sector there is an appetite for remortgage applications particularly where there is release of equity. If however your existing loan remains within Early Redemption Penalties this exercise might only be made possible if the lender offers a Further Advance facility, if you would care to disclose the actual lender I can immediately advise on this point.

      The loan will of course depend on the rent being within the criteria of specific lenders , your salary and the tax band within which you currently fall.

      Once you have maxed out on the gearing exercise you can then consider the same for your residential property but given the uncertainties which exist I would for the present keep this on the long finger.

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        #4
        Thanks to reply me i appreciate obviously i will contact a broker first , i was just curious if someone else had my same scenario and did it something to grow straight away instead of wait couple of years .
        many thanks

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          #5
          Great answers. This is the first post I read and there is a lot of value. Thank you all.

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