PH Mortgage experts?

[craigw]

I need to know if something I want to do is feasible before I take further steps....? anyone ?

[simpo two]

Sounds good to me - do it!

[PetrolTed]

Perhaps a bit more of a clue would be more tantalising to lurking experts?

[craigw]

sorry, you're right, I wasnt very clear.

The kind of hypothetical situation is..

have seen a large barn conversion which is divided up into 2 houses. Normally, no way I could afford it, but, if I sold everything, I'd get about 40% of the total purchase price.

What I want to know is.. is it feasible to live in one side and rent out the other side, ie get a normal mortgage on 1 side & a buy to let on the other side. I know that the amount you could rent the other side for is approx 25% more than the mortgage would be on that side.

I hope I've been clear..

[Sparks]

I'm no expert, not even involved in the financial world, but I looked into buying both halves of a semi, with a view to 'knocking them through' a few years ago.
I would had to have two mortgages on it initially (seperate properties, just owned by the same person).
It is also possible to split the mortgage into two parts, I had the chance, when extending my current mortgage to keep the capped rate on the amount outstanding, and have a tracker, or a fixed rate etc. on the extended amount.

So in summary, you should be able to take half the mortgage as a normal one, and get to pay a higher rate on the 'buy to let' half.

HTH

Sparks

P.S why go for such a big deposit? stick to 25%

[craigw]

thanks, re deposit, just didnt want to hoik myself up too much, its quite a lot of money (for me )

[Melv]

craigw said:

I need to know if something I want to do is feasible before I take further steps....? anyone ?

You gonna buy Bruntingthrope and let us all play for free, you star!!



Melv