An opportunity has come up to buy a small cottage nearby, the vendor will give me first refusal on it as I've know them for years and have said if you ever sell it I want first chance ! It will cost around £120k but will need around another £20-30k spent to completely modernise it, rewired, plumbed all new windows and doors heating I could go on but should be worth £200k+ by the time im finished, I'm thinking a buy to let mortgage sercured against my house which is worth £350k, I have no borrowings against it, where would be a good place to start looking for a mortgage for this ? Anyone got any good deals from anywhere ? I'm thinking interest only and hopefully selling it within 5years and clearing the borrowings ?
Buy to let mortgage
- Thread starter Landrover
- Start date
Hilly
Member
- Location
- Scottish Borders.
Just tell them your Moving btl are extortion as I went through this last week , tell them your moving then just don’t
Hilly
Member
- Location
- Scottish Borders.
It will cost sh!t load more than you think and be worth a sh!t load less than you think if their is still something worth having in between maybe worth ago , but a five year tennant and high chan e it need done up again .
What’s is worth to rent out once it has been brought up to a good standard? Where can you buy a cottage for £120k?!
Hilly
Member
- Location
- Scottish Borders.
Location location location .
Greenasgrass
Member
- Location
- N Ireland
You should have no problems just taking a normal mortgage out against your own house. Cheaper than a btl and you don’t have to pretend your going to move. It is a perfectly acceptable practice to release equity.
I think its against the law ,you must disclose that the loan is for a rental
If he is just re mortgaging his own house then the loan is not for rental. How he spends the released capital is up to him.
Greenasgrass
Member
- Location
- N Ireland
I previously had a draw down facility against my main home. Basically I was given a cheque book and a max draw down amount to do as I pleased. The mortgage was against my house but I could use the money how I saw fit.
- Location
- North West Wales
This, much easier and you can do as pleased with other house. It will be empty for 12 months anyhow so why waste money on BTL interest rates
Hilly
Member
- Location
- Scottish Borders.
That’s good , did you tell them that you were using it for a buy to let and nothing else ?
Hilly
Member
- Location
- Scottish Borders.
I asked for btl m Intrest is mad lol said don’t want that give me a five year loan they said no we now know what you want it for we not allowed ? You just get monkeys working of scripts .
- Location
- North West Wales
But if you're not securing it against the rental property it should make no difference anyhow
I was thinking the same, doing 1 at the moment and will struggle to get it under £40k and doing a lot myself.
Looking through this morning I thought I saw btl rates at 2%, hardly extortion!!
Hilly
Member
- Location
- Scottish Borders.
To be fair I only asked one high street bank they were 5% over base , I can never ever get deals
Like what some Mention on here ever .
ISCO
Member
- Location
- North East
Paragon doing a lot of business at the moment in BTL market
Hilly
Member
- Location
- Scottish Borders.
Do you use them ? Ok ?
- Tags
- amc analysis finance interest rate