Hi all new user this site and wondered if anybody could give me some advise? Luckily at the moment I am residing with family and friends... I have a flat that has an approx value of 115k that I have let out to tenants for the last eighteen months, the outstanding mortgage is 40k. All the income minus allowable expenses are declared to HMRC.... I am now hoping to secure funds to purchase another property which I will reside in so I am looking for a residential mortgage...
My question is, what is the best way to do this?
Lump it all together as one big loan?
Leave them separate ie a buy to let mortgage on the let property and a residential one for the new property?
A further advance from the letting mortgage, and use this as a deposit for the new purchase?
Any advice would be appreciated
PS the let property is currently let with a residential mortgage with permission of the bank
My question is, what is the best way to do this?
Lump it all together as one big loan?
Leave them separate ie a buy to let mortgage on the let property and a residential one for the new property?
A further advance from the letting mortgage, and use this as a deposit for the new purchase?
Any advice would be appreciated
PS the let property is currently let with a residential mortgage with permission of the bank