Do the sums work to allow me to become a buy-to-let landlord?Q I’m thinking of renting out my home and buying a second house in the near future. My current house is worth around £105,000, the mortgage is £82,000 and I think I could get around £475 a month in rent for it. I’m looking to buy a second property with my girlfriend for around £150,000. I earn £30,000 a year and she earns £17,000 a year. MWA Your plan to rent out your house while buying another property with your girlfriend seems to work – but only up to a point. Because you don’t need to borrow more than 80% of the value of the property you could convert your current mortgage to a buy-to-let mortgage. If you wanted to borrow more than 80% of the value of your property, buy-to-let would not be an option because 80% is the most a buy-to-let lender will lend. Continue reading…
Source : theguardian.com
Read more…I want to rent out my current home and buy a second with my girlfriend
