Converting my current house to a Buy To Let!

Posted on 30 November 2012 by Fiyori


I earn £26,500 per year, have £79,000 left on my mortgage and loans totalling £2,000.

My house is valued at £170,000 and I want to take out £10,000 equity, then buy a flat and turn my existing mortgage into a buy-to-let. Is this possible?

p.s The property I want to buy (2-3bedrooms) worth between £210k - £300k

Fiyori,

From the figures you've provided, I can't see any reason why you shouldn't be able to raise the additional funds and convert your current home to a Buy To Let, and purchase your new flat.

The main factor for most Buy To Let lenders is the rental income, which needs to be, typically 125% of the mortgage payment or a notional rate decided on by the lender.

If you would like to discuss your enquiry in more detail, then let me know and I'll arrange for you to speak to one of our consultants.

Regards,

Alistair

contact@johncharcol.co.uk

More than mortgages, talk to me about:
Financial Protection | Investments | Personal and Corporate Pensions | Home Insurance
General Insurance | Valuations | Conveyancing | Wills | Home finders

Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.

We recommend you seek professional advice with regard to any of these topics where appropriate.

You are currently offline. Some pages or content may fail to load.