Financing more than one rental property
Financing more than one rental property
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steve1

Original Poster:

1,251 posts

274 months

Thursday 28th March 2013
quotequote all
I'm going to ask the question, but it's probably a bloody stupid one.
I've got a rental property, mixed use of retail and flats above, bought for cash and let out on a fairly long lease, value of around 200-230K, depending on who you believe.
If I wanted to look into buying another property, either for renovating and selling on for a small mark up, or for renting out again, what's the best way to finance this sort of venture.
Will add that I'm retired, but early, so only 54, regular pension, and of course regular income from property above, no mortgage elsewhere either.
I know a lot depends on how much income there is as to how much you can raise, but the method will be the same, or will it?

Kudos

2,674 posts

204 months

Thursday 28th March 2013
quotequote all
BTL mortgage on the rental

steve1

Original Poster:

1,251 posts

274 months

Thursday 28th March 2013
quotequote all
Kudos said:
BTL mortgage on the rental

But what if I just want to raise funds for a purchase to sell on, surely I can fund it in a more favourable way.

Kudos

2,674 posts

204 months

Thursday 28th March 2013
quotequote all
Secured loan then, but these are expensive

steve1

Original Poster:

1,251 posts

274 months

Thursday 28th March 2013
quotequote all
So why can't I just remortgage the property, or does it matter that I don't reside there.

Sarnie

8,373 posts

239 months

Thursday 28th March 2013
quotequote all
You can remortgage it on a residential if you don't live there.

BTL would be difficult if there are retail units underneath the flats.

You need to be looking at a commercial mortgage............