L
L Patterson
New Member
Hi all,
I have a keen interest in the Buy to Let market and I'm looking for some advice on how to get started. My situation is as follows:
I currently own one property on the south coast. The property is valued at approximately £210K (not officially - Was £207K three years ago). I am currently three years into a five year fixed repayment mortgage, with £145K remaining (inclusive of a £4k early repayment charge). So there is approx. £65K equity in the property. So, where do I go from here? Do I attempt to refinance with a BTL mortgage and try to release some equity for my next investment? Do I sell and take as much profit forward as possible? What are my other options, if any?
Ideally I would hold onto the property and re-mortgage it on a BTL mortgage. However, with a 75% LTV mortgage I wont be able to release a huge amount of equity.
Your thoughts and advice would be hugely appreciated.
TIA.
I have a keen interest in the Buy to Let market and I'm looking for some advice on how to get started. My situation is as follows:
I currently own one property on the south coast. The property is valued at approximately £210K (not officially - Was £207K three years ago). I am currently three years into a five year fixed repayment mortgage, with £145K remaining (inclusive of a £4k early repayment charge). So there is approx. £65K equity in the property. So, where do I go from here? Do I attempt to refinance with a BTL mortgage and try to release some equity for my next investment? Do I sell and take as much profit forward as possible? What are my other options, if any?
Ideally I would hold onto the property and re-mortgage it on a BTL mortgage. However, with a 75% LTV mortgage I wont be able to release a huge amount of equity.
Your thoughts and advice would be hugely appreciated.
TIA.
