10:19 AM, 25th October 2016, About 5 years ago 1
I read this wonderful website and it’s so helpful half of my knowledge as landlord is coming from here. So thank you to all of who contribute to this place.
I need urged advice and opinion from everyone regarding a situation in which I am at this point. I have two properties one BTL and one which is my residence. Lately I made the decision to try to rent out my house and buy another one as my main residence.
I have built up 25% percent of equity in my house so I should be able to remortgage to BTL mortgage next time. My mortgage deal is expiring in few months time so now is the time. I know that there are products like Let to Buy mortgage, but I read some articles that the government is trying to squeeze those mortgages as well like everything else apparently.
So what is the best course of action guys? I have money for new deposit, I don’t mind arranging a separately BTL mortgage on my current residence (because I have 25%equity) and another residential one for my new residence.
I can’t sell the property I tried but I didn’t get the price I wanted so it’s best to rent it out and move on. Can I arrange separately both mortgages, is that my only option?
Selling is not an option now at all, because the rental demand in my area is very good and I will make good profit on rents. Please tell me your opinion and advice how should I arrange both new mortgages for my current and next residence and in what order. Thank you so much.
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