Posted on 24 January 2013 by Sharon
I own my own home and another property outright (rented out). I am thinking about buying a property for my daughter and her boyfriend to rent from me. But I would need a mortgage. I could afford a deposit of about 15% of the property value. What would be my best option please?
There are a number of different options that you could look at, including :-
1. Raising a residential mortgage on your own home
2. Raising a Buy To Let mortgage on your rental property
3. Raising a mortgage on the new property either as a regulated Buy To Let or as a Home for a dependent relative.
The most appropriate option is likely to depend on the actual figures involved, including the property values, your income, rental income from the buy to let, and the rates for the different types of mortgage.
I would suggest that it's worth having an initial discussion with one of our consultants to explore in more detail the different alternatives open to you. If you'd like to do so, then please let me know and I'll arrange a convenient time for one of them to contact you.
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