i have a buy to let mortgage(49k) on property no1, which is successfully let to long term tenants. I have a sizeable deposit (10k) for a 2nd mortgage on somewhere i hope to live.
will my 1st mortgage in any way affect my proposed 2nd mortgage? if so, how and why?
i intend to see a mortgage adviser asap, but am curious…
Hi
I own a flat which is let out and has been for 2 years. I live 50 miles away in London and rent a flat close to my work.
My question is, if I sold the flat and used the proceeds to put down on a place of my own, would I be liable for capital gains tax? The monthly rent I receive on the flat I own does not cover the mortgage on it and I need to “top up” from my income.
I do not complete a tax return and work in the NHS.
Any constructive advice welcome . Thanks
I got a mortgage at 20yo in Jan 2008 and in April 2010, i moved in with my partner and began renting out my property through an agency. Only now has it come to my attention that i should have informed my mortgage lender of the change and altered my mortgage to a ‘buy to let mortgage’. I decided to give them a call tonight and first of all query as to what the difference in payments etc would be. I was informed that i am not able to get a buy to let mortgage until i am 25 in just over a year. This ofcourse leaves me in a rather awkward predicament. Also worth noting is that, my partner and i have been thinking about adding my partners name to the mortgage. Their age is 30 so i think if i can add them on and then change to the buy to let, this would obviously be my key option. Obviously i am a little concerned about getting caught out and would like to know what action the mortgage company may take if they find out the actual situation. Please help, Thanks! Matthew
yes i have a friend that is a manager at a major retailer, maybe get them to have a look at my documents, thanks for your answer, much appreciated
To be honest, my other plan was to simply attempt to get rid of the property one way or another, so for them to recall their loan, would this cancel any debts i have with them or would i be left with an outstanding balance to pay? The property may be in negative equity although i’m really not sure.
i have been made aware of the higher interest rate and this wouldn’t be too much of a problem. thanks for your answer
Any answers and guidnce would be greatly appreciated….. as would a mortgage and a small and cosy house….freehold if possible.
FYI FOO… It is greed when someone wants grossly more than they need… and I have more academic qualifications than most GP’s.
Nobody needs 5 houses. Also, income has nothing to do with it when house prices are 11 times the average income!!! Please answer this question if you have some basic grasp of the current real estate market in England.
Shit Zu…. a reflection of your greed and haste for money is demonstrated in your need for insults. You have that many properties yet you still crave for more. Feel proud of your greed that robs others at a small chance of a pension. Human nature at it’s best you bigot.
Also, shit zu, if you and your hubby are so stressed and you hate immigrants so much, why don’t you sell up your properties and move to spain like many more before you…. Take your winnings and run. I’ll be glad to have just one of your houses and live in this great country.
I have recently separated from my partner, we own a house together and rather than sell it I would like to buy him out, remortgage the house as a ‘buy to let’ and rent it out to cover the mortgage. I have been looking at a few mortgages but it seems I have to earn over 25K per year (which I don’t) to do it, would me already owning the house help me out in any way? is there any mortgage you know of for single applicants on low incomes? Any advice would be greatly appreciated.
I own my home and have maybe about £20k of capital in it. I am looking to use that capital to buy a smaller property on a buy to let basis.
What is the best way to release the money from my property to put towards a mortgage. I know it can be done, but Im just not sure how and I would like to know my options before going to my bank for the mortgage.
Hope you can help
Hi
I’ve been offered 25 rental properties in the midlands. All with tenants and producing an income higher than I would get from a bank account. They are being offered at an average of 20% below open market value. Given the present limited availability of buy to let mortgages it seems like a good medium term cash investment? I know it’s about £1.5 m but it could return over £4m in 5 years.
I mean who wouldn’t buy below value if the market was sure to rise again in the next 5 years?
I take the point about tenants but think about it. I buy them cash and put up with tenants and say i only get 6 months rent per house per year. In 5 years….so where 2 comes from I’ve no idea, in 5 years they’ll be worth at least 3 times what i paid for them. I put in £1.5m I get out £4.5m and I’ve had more income from 50% rent than a high interest bank account would have paid.
I’ve been offered a couple of these and they look good opportunities to me.
I can sell the houses at auction in 5 years and still more than double my money.
i bought 7 houses on buy to let mortgages around 2 years ago would it be a good time to sell these now before house prices fall even more or hold on to them and hope over a 20 year period it evens out i have paid all my deposits on the house so a small fall wont effect me 2 much dont know what to think. cheers people
its just the fact that all house prices across britton seem to be or are going to fall not so much about the area
