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BTL Mortgage Vs Bridge Loan (or a combination)

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  • BTL Mortgage Vs Bridge Loan (or a combination)

    Hello Property Development Forum,

    I have thoroughly enjoyed this forum in recent months and based on everyone’s property development experience, please can the forum shed some light on the pro's and con's of BTL mortgages and/or bridging loans?

    I bought and renovated my first property 5years ago on a first time buyer mortgage (I do have about 10-15K +equity). The property is let out and to date, yielded a good return. My experience as a landlord has been a pleasurable one thanks to great tenants!

    I am looking to buy and renovate a second property to sell on or let out. I have researched extensively including HomeMove Forum and am pulling together as much capital as possible with a business partner as well as information.

    The finance side of setting this up is getting confusing (already having met with my accountant), in your experience which option is safer and more practical with regards to renovation, timescales and current property market trends?

    I live in the Oldham area Greater Manchester, which offers a higher demand for rentals vs sales (however sales are still quite active subject to house condition). The properties I am interested in are 2 Bed Terraced from auction 40-60K.

    Many thanks in advance,

    Dave
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