BTL mortgage for my brother's needs.
My bro inherited a 3 bed bungalow. It's worth £370k (probate valuation) &he has a £30k residential mortgage on it.
He wants to mortgage for £180k and let the bungalow (probable rent £1300-£1500/mth), using the excess £150k to purchase outright a house to live in.
He's 52, in steady work (same firm for more than 10 yrs) and earns between £20 & 25k/year.
Thanks in advance.
My bro inherited a 3 bed bungalow. It's worth £370k (probate valuation) &he has a £30k residential mortgage on it.
He wants to mortgage for £180k and let the bungalow (probable rent £1300-£1500/mth), using the excess £150k to purchase outright a house to live in.
He's 52, in steady work (same firm for more than 10 yrs) and earns between £20 & 25k/year.
Thanks in advance.