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TOPIC: Buy to let advice
#535
ukdave (Visitor)

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Buy to let advice 9 Months ago  
Hi there.

I own the property I live in and have paid off the mortgage. However I still have the mortgage facility available to me. I now intend to buy a second smaller property to let.

Would it be ok to draw down monies from my existing mortgage facility on property A to finance the purchase of property B? Buy doing this I can avoid getting a buy-to-let mortgage which is likely to be more costly.

Many thanks for your help.
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#554
Comparethemortgagemarket (User)
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Re:Buy to let advice 8 Months, 2 Weeks ago Karma: 0  
Yes, this would be the cheapest way of raising money to purchase the buy to let property. You may also want to explore the tax implications of receiving rental income & having a buy to let mortgage to offset the income generated. You cannot offset the mortgage payment on your residential property although you could if you took out a smaller buy to let mortgage but still using the residential to raise the deposit.

http://www.comparethemortgagemarket.com
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