Mortgage Question BTL

[desouzi04]

Hi,

I have a mortgage on a property about £18,500 and the property is worth £140,000. I am a high rate tax payer (40%). My property is let out for £650 pm.
I need to borrow some money to buy another property to live in. I saw a mortgage advisor and he mentioned it would be best to remortgage my existing property to £100,000 and free up some of that money to help me buy another property and also for tax reason's it would be best for me.

Is this the best way fwd?.

Also he said Bristol and West were one of the best offers for BTL on the market?.

Any help is fanstastic.

Thx Ian

[JohnS ResidentBroker]

Hi Ian,

That is probably th best way forward although depending on how many properties you want to buy/whether you want a mortgage would depend on the best mortgage for you. For example Mortgage Trust have a 4.89% 2yr fixed which is the lowest fixed rate but it may be better for you to go for a btl drawdown mortgage

cheers
John
property investor/mortgage broker
07974 198 396

[desouzi04]

Thanks John, that was v.helpful.