HouseTonyStark
Prominent Member
- Joined
- Jul 11, 2006
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Right so i will run the facts out as best i can:
Managed to secure cash money from family to put into my first property, on the basis that it made more sense than renting in the long term. the idea was to buy it outright, then mortgage out at the best rate to pay some of it back and to fuel the renovation works on the house.
house cost 115k (without fees)
mortgaged out 69k (so a payment of 290 a month)
spent a chunk on the initial renovation and other crap.
that was a couple years ago, and instead of selling the house, I'm looking to let out a couple of the rooms, with a view to go travelling (assuming the house can pay for itself). over time the area has gone up in value, and its fair to say the renovation (once completed) will push the house to around the 200k mark.
What I'm thinking to do is finish the house, get it revalued and then mortgage out as best i can to a point where i can pay off the family debt, whilst maintaining a reasonable repayment that i can cover while i am away (so keeping it exclusive of any earnings i might have)
The problems I've been trying to google with little success:
- I became self employed last year, which is working great for me financially, but isn't good for getting a mortgage.
- I'm still technically living in the house, so is it a landlord/BTL mortgage?
- can i even remortgage at a projected level, is it really as simple as getting some valuation people to say 'yup seems legit'
am i missing anything here?
Managed to secure cash money from family to put into my first property, on the basis that it made more sense than renting in the long term. the idea was to buy it outright, then mortgage out at the best rate to pay some of it back and to fuel the renovation works on the house.
house cost 115k (without fees)
mortgaged out 69k (so a payment of 290 a month)
spent a chunk on the initial renovation and other crap.
that was a couple years ago, and instead of selling the house, I'm looking to let out a couple of the rooms, with a view to go travelling (assuming the house can pay for itself). over time the area has gone up in value, and its fair to say the renovation (once completed) will push the house to around the 200k mark.
What I'm thinking to do is finish the house, get it revalued and then mortgage out as best i can to a point where i can pay off the family debt, whilst maintaining a reasonable repayment that i can cover while i am away (so keeping it exclusive of any earnings i might have)
The problems I've been trying to google with little success:
- I became self employed last year, which is working great for me financially, but isn't good for getting a mortgage.
- I'm still technically living in the house, so is it a landlord/BTL mortgage?
- can i even remortgage at a projected level, is it really as simple as getting some valuation people to say 'yup seems legit'
am i missing anything here?