B2L mortgage on house we will end up living in?Make Text Bigger
We have a property on the market for £385,000, mortgaged at £120,000 on an expensive 4% RBS One account. We want to unlock the potential from the house & downsize
We found a house that we really want, which was sold, but which has subsequently fallen through, I have an idea to get £62500 (25%) deposit, fund the rest with buy to let interest only mortgage (£187,500), Install tenants and move in ourselves when our house sells.
I am told we would incur £10,000 stamp duty. What other costs penalties would we incur, is there a different way we could secure this house before we sell our own?
Our short plan was to sell ours, move the mortgage to our new house, change lenders up borrowing to max, £150000 pay £100000 cash
Use £285000 to go house shopping and buy a place for cash, install tenant, remortgage, get our money back, repeat the process ….
We really want this one particular house how can we secure it?
Many thanks Dan & Lois
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