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What order do I do things!?


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Hi all,

I have my own house and I want to release some equity to do my first BTL. I just wanted some advice as to what order do I do things.

I know I need to apply for further lending,

Find a BTL mortgage,

Find a property.

What order do people usually do things in? I don't want to apply for further lending and then have to pay a higher repayment for the mortgage on my residential home until I can put it on deposit. I don't want to put an offer in without any money at all!

Any advice?

Dafydd

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Hi Dafydd! There's no "right" answer, but I'd recommend having initial conversations with your existing lender and a broker before you sink any time into looking at property – otherwise you might be way off the mark in terms of what your budget is going to be.

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Hi there :),

 

I have literally just done this and I remortgaged my residential house first got the money out (it took me around 2 months to do) and I am currently using that money to buy a BTL house. 

Yes it did mean that I paid a month of extra repayments however that made me push even harder to get a BTL property. Remember that any good investment deal you will need to move fairly quickly on. Plus when you put an offer in on a house the estate agents are going to ask for proof of funds which is usually a bank statement with cash in it.

 

The estate agent will probably get quite confused if you show him your house as proof of funds >.<, not impossible just a lot slower.

Take a look at www.dentistryblogger.com

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