Looking to move to a new house but don’t want to sell your current home? Why not become a landlord? You can rent your current property out and generate an income and raise a deposit for your new home on this property if needed. Have a listen to the 60 second clip and if you need to know more get in touch via email hello@patrickjamessolutions.co.uk Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
Welcome to today’s 60 second snippet into the mortgage world. Today’s subject is let to buy. So you own a property already and you are considering putting that property on the market because you want to buy another property but have you ever considered being a landlord? There are lenders out there whereby you can do a let to buy. It is a bit like a buy to let but the other way round. You live in the property which you would like to rent out and you are going to purchase another property. Now if you have got your own savings for the deposit you can use that to purchase the next property. To turn this property into a BTL you need to meet the lenders criteria so speak to someone who knows what they are doing but also you could look at taking money out of that property in order to allow you to use that for the on going purchase. Again you need to speak to someone that can talk through the circumstances and workout the affordability and let you know what you can do.