Hi we have 2 property we own outright.house we live in and flat we renting out.
Now we in a bit of financial needs atm.our house need few repair and need to pay loan and oh found out he owes £12000 to tax man ( his fathers fault but that's the other story) now we wanted to sell the flat which is worth£250000 and we planned to do that spring next year but we talk and talk and maybe would be better to take mortgage on flat for £50000 and keep renting out not selling than this money would solve all our problems.
Now how it is would that be mortgage as buy to let where I should look for advice I never take mortgage neither oh so I don't even know how all process looks like.
What papers we need do we need provide our income even if is only fracture of amount flat is worth and it will be rented out?
Thank you in advance
Hiya, if you make an appointment wiht a mortgage advisor or a mortgage broker they'll be able to help. Firstly they'll talk to you about how much you should mortgage the property for and how long the term of the mortgage will be; that will impact how much you re-pay a month. They'll be able to advise on what statements and documents you need, but usually it's bank statements going back a few months (maybe 6?), statements from any savings accounts, and a few months pay slips.
Hi, I work in mortgages but I'm not a mortgage adviser. Usually when applying for a secured loan, you are asked for your last three months bank statements, three months pay slips and your last p60. I think this would be classed as buy to let. A loan on a mortgage free property would be an unencumbered loan. It's a similar process and you would sign offer documents and have the property valued. Buy to let mortgage rates are higher than residential so depending on you loan to value, your repayments could be quite high.
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