jackie-moon Posted January 28, 2010 Report Share Posted January 28, 2010 Hi Everyone, I have a few questions and would be grateful for any responses. I have a mortgage on my current home. I am employed although iI am on a low income. I wish to buy a second property using the some of equity in this property as a deposit and then the plan is to let this property. How would I go about doing this? Is it feesable for me to have such a plan? The property i'm in now - 2 bed worth approx £90,000 I have a £60,000 mortgage on this property Second property is up for sale @ £84,995 Just a little guidance please!! Thanks Link to comment Share on other sites More sharing options...
Melboy Posted January 29, 2010 Report Share Posted January 29, 2010 At the risk of sounding flippant......don't do it. Why would you want to enter the BTL market anyway? What is your reason for doing so? What is the state and type and location of the property you are looking to buy? Mel. Link to comment Share on other sites More sharing options...
Mortitia Posted January 29, 2010 Report Share Posted January 29, 2010 Agree with what Mel says and you need CASH for the deposit not equity. Mortitia Link to comment Share on other sites More sharing options...
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