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Change to a buy to let morgage.

Last post Wed, Nov 04 2009, 6:53 PM by tt lady. 1 replies.
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  •  Wed, Nov 04 2009, 6:53 PM

    Re: Change to a buy to let morgage.

    You could try talking to a mortgage broker but I think you need 25% equity in a BTL property and rental income of 125% of the mortgage payments. You can have two mortgages if you earn enough to cover both though.

    Have you found out why your property isn't selling and are you sure it is realistically priced ?

    • Post Points: 5
  •  Wed, Nov 04 2009, 9:59 AM

    Change to a buy to let morgage.

    I am currently trying to move home. I have found the house i would to buy, but cant get mine shifted. My current home is valued at 95,000 and i owe 81500 on the morgage. The new house is 145,000 and i have the cash for a 10 percent deposit. I would like to know would i be able too change my current morgage to a buy to let one, thus allowing my purchase to proceed and enable me to keep my exsisting house until better times.
    • Post Points: 20