Posted on 28 January 2013 by Duncan
Hi I have a property worth £220,000 and I have a £90,000 mortgage. I want to buy a £83,000 house for a second house to rent out. What is the best way to go about this?
If you don't have any monies to use as a deposit, then (subject to lender criteria) you could look to raise the deposit on your exisiting property, and then apply for a Buy To Let mortgage on the new rental property.
This looks like a fairly straightforward transaction, subject to the suitability of the new property, and there should be a lot of lenders and products to look at.
If you'd like to chat through some of the options open to you, then please let me know and I'll arrange a convenient time for you to speak to one of our consultants.
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