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renting yr property & buying another

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  • renting yr property & buying another

    Hi would anyone be able to give me some free advice ?

    i currently own a house which i am paying a low mortgage on but because of a major investment to the imediate area rental prices are more than twice the value of my mortage monthly outgoing !
    my question is ... can i change my mortage on this property to buy to let and rent my house which im sure will go very quickly and use the equity from the house to get another mortgage in a area where i potentally want to live long term and have always wanted to move to ...?
    thanks

  • #2
    Re: renting yr property & buying another

    Hi Headspinner

    You certainly can! It sounds like an excellent idea. Although be warned that if you're paying an extremely low interest rate you'll only get one chance to pay off a lot of your mortgage. Rates can only go one way. In principal though, I think it's a very good idea...just make sure you do ALL the sums, and be conservative.
    Free Guides For First Time Buyers!

    www.FirstTimeBuyerGuru.com

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    • #3
      Re: renting yr property & buying another

      Mortgage rates on Let homes are higher. Be sure to factor this in!
      It would be as whole new arrangement.
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      • #4
        Re: renting yr property & buying another

        Originally posted by New Homes Expert View Post
        Mortgage rates on Let homes are higher.
        Good point - that one caught me by surprise

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        • #5
          Re: renting yr property & buying another

          And don't forget to factor in all the added costs associated with being a landlord. You'll need to factor in things like gas safety certificates and letting agents fees.
          Free Guides For First Time Buyers!

          www.FirstTimeBuyerGuru.com

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