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BTL or LTB help

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  • BTL or LTB help

    My wife and I own our house outright (worth approx £170000) we recently setup a business so have no regular income to speak of. We are in the process of renting out our house for £800 pcm.

    We want to buy a larger property that we can split into three separate flats. One of the flats for us to live in and the other two flats to let out.

    So approximate rental income from owned house (£800pcm) and the two prospective flats (£700x2=£1400pcm)

    Total= £2200pcm

    My question is what is the maximum mortgage we could get to buy the new property? Also what would the process be....would it be 2 separate mortgages or would it be one large one?

  • #2
    Re: BTL or LTB help

    Because you will be living in one of the flats in the new property it will beocme a little vague as to the type of mortgage you need. It will porbably be easier for you to arranage a commercial loan using both properties as security and taking all rental incomes into account.

    This should be fairly straighforward as you will have good levels of equity and thre lending decision will be based on the strength of the rentals.
    Worldwide Financial Planning is a specialist independent provider of Large mortgages.