in june 2010 we bought a house for £113,000 and took out a 3 yr fixed mortgage from the natwest, on a let to buy basis. what happend was the house we had sold, fell through, with a few weeks to completion, so to avoid losing the house we were buying, our mortgage broker advised us to rent out our property and take out a let to buy mortgage, but at the time there were on a handful of lenders offer this type of mortgage. Which we did and it all worked out fine.
Shortly we will be coming to the end of the fixed period and i would like to remortgage, but how do we stand with having a 2nd property that we are renting out, the rental income is £495 and our mortgage on the property is costing us £360,
i have done a few online valuations of the property we intend to remortgage and they have come in at around 131,500,
will we have to find another let to buy mortgage, or can we take out a normal repayment mortgage, how do lenders view the fact that we have another mortgage,
i am thinking of fixing again for 5 or 10 years to take advantage of the low fixed rates on offer at present, and hope to get an 80% LTV, which would mean we could potentially borrow around 105,000
thanks
colin
Shortly we will be coming to the end of the fixed period and i would like to remortgage, but how do we stand with having a 2nd property that we are renting out, the rental income is £495 and our mortgage on the property is costing us £360,
i have done a few online valuations of the property we intend to remortgage and they have come in at around 131,500,
will we have to find another let to buy mortgage, or can we take out a normal repayment mortgage, how do lenders view the fact that we have another mortgage,
i am thinking of fixing again for 5 or 10 years to take advantage of the low fixed rates on offer at present, and hope to get an 80% LTV, which would mean we could potentially borrow around 105,000
thanks
colin