Greetings everyone,
Myself and my wife are looking at buying to let and are not exactly sure of the best way to tackle this. We have a £40K mortgage on our current property which is probably now worth closer to £130K so I understand we have equity we can use here. We have our eye on a property worth around £90K. What would be the best way to go about purchasing this. Would it be interest only on the property we have our eye on? Would we remortgage an amount on our current property to put as a deposit on the buy to let property and then get another mortgage for the remainder of the mortgage on the buy to let?
If someone could break it down to me in simple terms it would be much appreciated. Rates, interest only, how much we could borrow, monthly repayments,
Thanks in advance
Cornish Gareth
Myself and my wife are looking at buying to let and are not exactly sure of the best way to tackle this. We have a £40K mortgage on our current property which is probably now worth closer to £130K so I understand we have equity we can use here. We have our eye on a property worth around £90K. What would be the best way to go about purchasing this. Would it be interest only on the property we have our eye on? Would we remortgage an amount on our current property to put as a deposit on the buy to let property and then get another mortgage for the remainder of the mortgage on the buy to let?
If someone could break it down to me in simple terms it would be much appreciated. Rates, interest only, how much we could borrow, monthly repayments,
Thanks in advance
Cornish Gareth