Hi there, I'm new to this section of the site having mainly lurked around MFW for the last several years :o. DH and I paid off the mortgage on our house a few days ago so now we're ready for the next stage.
We want to go for a BTL. I wonder if there are any companies who will consider the equity in our house towards the BTL mortgage. As yet, we only have about £8000 in savings but need to use some of that for works on our house and DH is reluctant to use the rest and deplete the savings.
To get to the point, will we have to just save up our 25% deposit before applying for a BTL? Or is there another way around this? We're 34 and 36 with no other debts and no defaults if that makes a difference.
TIA, Kaz and MrKaz.
We want to go for a BTL. I wonder if there are any companies who will consider the equity in our house towards the BTL mortgage. As yet, we only have about £8000 in savings but need to use some of that for works on our house and DH is reluctant to use the rest and deplete the savings.
To get to the point, will we have to just save up our 25% deposit before applying for a BTL? Or is there another way around this? We're 34 and 36 with no other debts and no defaults if that makes a difference.
TIA, Kaz and MrKaz.