In a nutshell we own 1 BTL mortgage free, new tenant is moving in at the end of the month. We would like to remortgage (around 60% LTV) to free some equity and purchase a 2nd BTL property.
What is the normal process with regards to a lender valuing the property, do they like to have somebody view the property and value it or do they do this another way?
Is remortgaging a relatively simply process?
I'm not 21 for a few more months, would this be an issue when it comes to finding a product (OH is 24)? I know TMW and quite a few other high street lenders have a minimum age of 21, however have seen a few without one. Would this impact hugely on the products and interest rates available to us?
We encountered some problems with our previous IFA who arranged our own mortgage and previous one, and it's now a case of once bitten twice shy with brokers. There aren't many locally to us and the only one I've found which looks okay seems to be charging £330 fee plus comission for a mortgage, which is higher than I would like. I am keen to do it ourselves if this is possible.
A few figures:
Current BTL worth around £75K, rent is £375pcm. Own home worth £125K, £97K remaining on mortgage with Woolwich. My contracted wage is £7K actual pay approx£14K, OH a shade under £28K basic + a bit of overtime here and there.
Thanks for any replies and advice!
What is the normal process with regards to a lender valuing the property, do they like to have somebody view the property and value it or do they do this another way?
Is remortgaging a relatively simply process?
I'm not 21 for a few more months, would this be an issue when it comes to finding a product (OH is 24)? I know TMW and quite a few other high street lenders have a minimum age of 21, however have seen a few without one. Would this impact hugely on the products and interest rates available to us?
We encountered some problems with our previous IFA who arranged our own mortgage and previous one, and it's now a case of once bitten twice shy with brokers. There aren't many locally to us and the only one I've found which looks okay seems to be charging £330 fee plus comission for a mortgage, which is higher than I would like. I am keen to do it ourselves if this is possible.
A few figures:
Current BTL worth around £75K, rent is £375pcm. Own home worth £125K, £97K remaining on mortgage with Woolwich. My contracted wage is £7K actual pay approx£14K, OH a shade under £28K basic + a bit of overtime here and there.
Thanks for any replies and advice!