Raising capital from a rental property
I own a 2 bed rental property that I would like to raise capital from by taking out a buy to let mortgage. I have a good tenant who appears to be a long term prospect.
This is new territory for me and I’m not sure the best way to go about arranging a buy to let mortgage on a property that I already own.
Should I use a broker or go direct to a mortgage provider?
Also, the property is of low value (£45k) and I believe this might cause difficulty.
The property value is in keeping with the location and not due to poor quality maintenance or decor etc.
Are there any buy to let mortgage providers that are open to mortgaging a property of this value?
Any advice or thoughts would be much appreciated.
Thanks in advance.
Lisa
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