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iam frm india and going for a masters degree in US, iam not taking a accomadation that the uni is providing, so pls tell me detailes the cost of living
the house
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| We bought a house in September. The seller disclosed a mushroom farm nearby that causes a foul odor when they rotate their compost piles, but did not disclose that a military base nearby routinely ... |
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GStevo | Is it possible to rent your flat out and use the money to buy another property? Two mortgages at the same time |
If I rented out my flat, could I then use that money to put towards another flat? I.e. have two mortgages at the same time?
Thanks |
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Lauren
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If you can persuede the mortgage company to lend you enough money then sure...
Mortgage companies may be hesitant to let you have 2 mortgages at once with only 1 wage though because even with you renting out your flat because there is no guarantee that you would get this money every month...
Best to speak to a few mortgage companies and see what they say... |
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stepup1895
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absolutely, actually it's a great way to build wealth. You just gotta make sure you can support both mortgages and have enough equity for security.
For more help with this, you can visit www.webuyhouses.com.au |
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just trying to make a difference
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yes, it's called 'let to buy' this was really popular several years ago, now you hear more of 'buy to lets' where people buy a house to rent it out.
why not go along to a couple of mortgage advisers at local estate agents offices for a bit of free advice, or ask your bank. |
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MISSY G
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Yes you can, lots of people do it |
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TREV59
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Simple answer is yes, however your mortgage provider will need to be informed of the change and this will change the terms of the mortgage or may mean they won't want to continue to lend in which case you need a lender who does offer mortgages for properties that are sub-let. This will inevitably mean a higher rate of interest than a 'standard' mortgage product I'm afraid.
You should also consider issues relating to insurance if you sub-let as this too will be affected. There are companies out there that specialise in 'landlords' insurance. |
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old know all
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This can be done. One is a residential mortgage and the other is an investment mortgage. You need to make sure you explain to the first lender exactly what you plan to do. They'll probably fall over themselves to help you because they'll then have two properties as security. |
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deadrat
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Yes. |
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Esmerelda
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I don't know if it is the same in Britain, but in America it is quite common to own multiple properties and use some of them for income with all of the properties mortgaged. As long as you can make the payments, you can have the mortgage since you have the property as collateral. |
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paul p
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Yes its called a let to but mortgage, NOT a buy to let mortgage. Alot of people use this to avoid the higher deposit required for a buy to let and just dont move |
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leonard s
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if you can afford it ,yes |
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Evie
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Yes, it's called "buy to let" , but the interest rate for that kind of mortgage is higher. I would recommend an IFA rather than a mortgage broker - the IFA is almost guaranteed to search the whole market. |
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