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Explore your mortgage options

But what if you want to keep your existing home and rent it out?

This can be a great way to generate additional income and build your property portfolio. However, you’ll need to consider a few things:

  • Your home’s value: Get a professional valuation to know your realistic selling price and potential rental income.
  • What you owe: Find out your outstanding mortgage balance. If your home’s value has increased and your new property is similar in price, you might qualify for a better mortgage deal.
  • Those pesky fees: Check for early redemption charges on your current mortgage.
  • Mortgage options: You’ll likely need to switch to a buy-to-let mortgage on your existing property.
  • Landlord responsibilities: Familiarise yourself with the legal obligations of being a landlord.

Seek Professional Tax Advice: owning a buy to let property will have tax implications which could also impact the new purchase so it is important to obtain the appropriate tax advice.

We can help with the following:

  • Assess your affordability: We’ll calculate how much you can borrow for your new home while potentially keeping your existing property.
  • Navigate the whole market: We’ll find the best mortgage solutions for your new home and buy-to-let investment.
  • Handle the process: We’ll manage your mortgage applications from start to finish.

Contact us to discuss building your property portfolio and maximising your financial potential.

Published July 2024

It is important to take professional advice before making any decision relating to your personal finances. Information on this page is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed. It does not provide individual tailored advice and is for information purposes only.

Explore your mortgage options

Harish Hirani

Harish Hirani

With over 20 years of experience in financial services, Harish is a successful lending and insurance specialist. He commands a solid team of insurance advisors in mortgage lending, commercial lending, health insurance, life insurance etc catering to individuals, families, and business owners with several assets

Date: Jul 04 2024
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