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I honestly had no idea that someone who has only 70K equity (presumably on their valuations) would think of entering the world of BTL. Jeez everyone seems to think they`re effin Donald Trump these days. Why not just do your job and pay the mortgage

Hi all,

I'm hoping someone can help me as I can't find the answers to my questions on the web.

My husband and I are just looking into buy-to-let. We've worked out the area, what we can afford etc etc but we have one hitch - how to raise the deposit.

We need to raise roughly £25k. We own a house already which has about £70k equity in it but we don't really want to remortgage as we got a really good interest rate 2 years ago and would have to pay redemption penalties if we change now. Could we get a loan? I have a nasty feeling you are not allowed to get a loan for this purpose, but how would they know? Another option we have considered is to put it onto a 0% credit card or 2, we both have very good credit and could easily get limits up to £12000, is this allowed?

Any advice would be great as we're getting slightly frustrated trying to find an answer to our questions!

Thanks

Kate

http://residentiallandlord.ipbhost.com/ind...p?showtopic=325

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Thats who im refering to when i say "every man and his dog". F*ck um.

I just don`t get it, does 70k equity make people feel wealthy? Madness, that`s boderline survival as far as I`m concerned. One economic sneeze and they are out of the game if they buy a BTL. I`d like to think they had a 10K mortgage on a 80K property, but we both know it`s probably more like 130K mortgage on a 200K property, 25% fall in values across the board..kapowww!

Borrowing a dipper on your Credit card!! How bizarre is that, what part of rental yields not being = to payments do they not understand?

I`m off for fireworks, where`s Guy Fawkes when you need him?

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and i thought there was some rule about using an unsecured debt to lay down as the foundation to a secured mortgage debt... if anyone has any more information on that can you elaborate, its justa memory i have from something.

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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