We want to rent out our second home, but need finance to do so. What's our best option?
Posted on 14 January 2014 by H Cattell
We have a mortgage on our main residence and we own another house outright (mortgage was paid off over a year ago). We would like to rent out the 2nd property, but need finance to do so. Please can you tell us if there are buy-to-let or other mortgage options for us? Thank you.
A Buy To Let mortgage will certainly meet with your requirements . The loan amount will be subject to a satisfactory rental cover and your personal and financial circumstances will be taken into consideration too – age, income, purpose of capital raising. The mortgage will be a buy to let one and if the loan to value is 60% or below the options at present are very competitive and some rates are even less than 3%. Of course, if you are looking to borrow more than 60% we will also make sure you will get the best deal that closely matches your requirements and corresponds to your circumstances.
If you'd like to know, then please let me know and I'll arrange for one of our consultants to get in contact with you.
Elena Todorova Cert PFS Cert CII(MP) Executive Consultant
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