Remortgage and also get buy to let mortgage

[FSO79]

Dear all
Iam a homeowner with mortgage free. My flat worse £320000 and also have one buy to let property mortgage. Can I remortgage my flat to get £300000 and also on top of it get buy to let mortgage for another £300000 to buy buy to let property that cost £600000.
Many thanks

Nowhere near enough information to give an answer. How much do you earn? How much will you be able to let the property out for?

Will you have a £300k domestic mortgage, a £300k buy to let mortgage and this other buy to let mortgage that you have? That’s a lot of debt unless you have a strong plan to repay.

You need to speak to a mortgage advisor. They need to see how much you earn and how much rent you’re getting + analyse other outgoings to answer your question.

To buy a 600k btl you only need a 150k deposit. But stamp duty will be 38k and legal another 2k, so maybe remortgage for 200k
Be very careful with your sums though btl isnt as financially beneficial as it used to be

Thanks all for your replay. I earn £29000 a year and my wife earn £34000 a year. The buy to let mortgage 2 bedroom property that I have i get a monthly rental of £1700 an the mortgage i pay every month of £550, £270 monthly i pay estate agent to manage it, £216 paying for service charge. I own one bedroom flat worth £320000 mortgage free. the £600000 3 or 4 bedrooms property i was looking to remortgage my flat and get on top it another buy to let mortgage for other £300000. Which to rent it monthly for £2500 to £3500.

Thank you

So you want to buy the new btl in cash?

The mortgage advisor will check whether your incomes will cover your remortgage and whether the Rental income will cover the remortgage Of the first btl so better to speak to them.
Also you may need a repayment plan for them. You should really seek prof advice.

Sure i understand thanks for reply i will speak to mortgage advisor. No i don't have cash but Was trying to ask wether if it is possible to remortgage my own flat which is mortgage free and also get extra mortgage on top of it to get more money to buy property to let.

Thank you

Tbh, you’d be better off finding an independent financial adviser to learn about other investments though the tax efficient wrappers like pensions, LISAs or ISAs. Given your incomes, taking on so much debt sounds quite risky. What will you do when the interest rates go up?

Thanks for the advice ATFS. Do you have email address I can contact you on? Also what you mean by BTL such as creating a Limited company? I have got the equity but not getting anything from it, therefor I was thinking about to use it and get more money on top it to it to get another buy to let property.

Thanks