ive got a mortgage at the mo 4 120,000 the property is worth around 146,000 so ive contacted a mortgage adviser 2c about getting a second morgage, been offered around 220,000 (although a only want 2 borrow about 160,000) now both will b rented so need advise on mortgage types, i was sure i’d need a residential & a buy 2 let but have been told if the rent cover my mortgage i dont have 2 worry as many companys dont ask? so i can hav 2 residentials? i just need 2 make sure im not going 2 get myself in loadsa trouble doing this? & also is property buying still a great way 2 invest? – thanks!
Property? Good Idea / Bad Idea?
25
Sep
purple angel
September 25, 2009 at 7:28 pm
I assume you wanted a sensible answer unlike the moron earlier. Clearly if you rent the properties out you should have on the correct basis. Many lenders do not change rates for let properties so speak to them theoretically first. Also ensure your insurance is changed. Who knows if property will continue to be a great way to invest? It has been for 12 years now but, despite great predictions, none of us has a crystal ball. I figure it will be fine long term though.
salmon f
September 25, 2009 at 7:50 pm
Property ROCKS!!!!! I love it.
DTDTDT
September 25, 2009 at 7:55 pm
Proprty is theft comrade.