New to BTL, advice needed - Help!


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 and there is £145K outstanding on the current mortgage. 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, I estimate roughly £12K.

Your thoughts and advice would be hugely appreciated.