buying new house using current house as deposit
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janaye
Apprentice
Joined: 10 Oct 2007
Posts: 2
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 Posted: 01/22/08 - 08:09 Post subject: |
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| We currently own one house and have been considering to use that as a deposit for the property we are now planning on buying - a so called "BUY TO LET". How would that work? Are there any people here who have done something similar already and could advice us on this? After all we have never done anything like this and all in all it is quite daunting. Thanks for your comments. |
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sven
Apprentice
Joined: 17 Oct 2006
Posts: 1
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| Posted: 02/21/08 - 02:55 Post subject: |
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| What do you mean by using the current property as a deposit? Just like on the house in which you are live, when you are doing a BTL project, you will need to make a down payment in order to get a mortgage. There are special, favourable rate BTL mortgages and many banks have advisers on sight who will be able to advise you on all the options. But you should approach the project just like the bank does - as a business. So the biggest advice I can give you is to leave your private life, and property, out of it. |
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