Hi
I am thinking of diving into buy to let. I have found an area I like (Grays, Essex - good yields for the south-east and not too far away) and nice 2 bedroom houses near the station are in the £150k-£170k range.
I have £100k in cash and the mortgage on my house has a further £40k "flexible" element letting me borrow at base rate + 0.99% (currently 1.49%) giving me £140k for very little interest. I will then need a further £20-30k to complete the purchase and furnish/fix any problems/gas safety check/insurance etc. I would be able to pay this back at in excess of £1k per month (up to £2k if we could also rely on the rent) so it would be short term.
A BTL mortage seems uneconomical in this situation. What are my best options? (I don't know my credit score but I imagine its pretty high).
Thanks in advance.
I am thinking of diving into buy to let. I have found an area I like (Grays, Essex - good yields for the south-east and not too far away) and nice 2 bedroom houses near the station are in the £150k-£170k range.
I have £100k in cash and the mortgage on my house has a further £40k "flexible" element letting me borrow at base rate + 0.99% (currently 1.49%) giving me £140k for very little interest. I will then need a further £20-30k to complete the purchase and furnish/fix any problems/gas safety check/insurance etc. I would be able to pay this back at in excess of £1k per month (up to £2k if we could also rely on the rent) so it would be short term.
A BTL mortage seems uneconomical in this situation. What are my best options? (I don't know my credit score but I imagine its pretty high).
Thanks in advance.