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Old 27-01-2010, 10:14 PM
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Join Date: Jan 2010
Posts: 1
Default BTL or LTB help
Hi,
Info:
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?

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Old 01-02-2010, 05:05 PM
Senior Member
  
Join Date: Nov 2008
Posts: 101
Default 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.
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