I own my property outright and looking to buy a rental. I have a 10% deposit...

Posted on 22 March 2015 by Ilya


I own my property outright and looking to buy a rental. I have a 10% deposit...

Hi. I own a property worth around £750k according to zoopla. No mortgage. It's a semidetached 4 bedroom property with a recent loft conversion and an extension. I would like to buy another property to rent out in the region of £350-£400k What are the options I have to get a mortgage? I am a self employed and can find a deposit of around 10% for the property. Thank you

Ilya,

This looks like it should be doable, however you will need a bigger deposit for the Buy To Let property than the 10% you mentioned. Typically to get the best rates you would need a deposit of 25%, which in this case we would look to raise against your current main residence.

We would need to know more about the rest of your personal financial situation, before we could say for definite that we can do this, but it does look promising.

I think it would be worth exploring your options in a bit more detail, and you can do this by contacting one of our consultants on 0344 346 3672 and they'll be able to give you a clearer idea of how we can help.

Regards,

Alistair

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.