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Buy to let,finance question.

  • 16-11-2006 8:21pm
    #1
    kmb
    Registered Users, Registered Users 2 Posts: 1,723 ✭✭✭


    What method do people raising finance for a buy to let property use?
    Do they take a investment loan or a remortgage or what do they do?
    a friend is thinking of going down this route and i decided to ask the people in the know.YE LOT!!


    Regards,

    Kieran


Comments

  • #2
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    kmb wrote:
    They dont pay paye
    I wouldnt be going round publicising that......


  • #3
    sarahhurray
    Closed Accounts Posts: 56 ✭✭sarahhurray


    presumably they are self employed which is why are they are not paying paye, perfectly normal.


  • #4
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    Apologies I got a bit mixed up I thought he was talking about tax on the rent of the new property

    To answer the original question it really depends on the rental potential and the ability to meet the monthly mortgage repayments. And it also depends if the bank is happy with taking on the risk. It might be better to do a remortgage, I am assuming that the remortgage would be on their Principle residence. Buy to lets generally have a higher interest rate and so it would be best to remortgage at the lower rate. (I'm making the assumption that there is an existing mortgage on the Principle residence, it is variable and there is enough equity to release from the property).

    TBH your friend is best talk to a Mortgage advisor


  • #5
    kmb
    Registered Users, Registered Users 2 Posts: 1,723 ✭✭✭kmb


    Thanks lads, i will advise him that.

    regards

    kieran


  • #6
    threebeards
    Registered Users, Registered Users 2 Posts: 1,040 ✭✭✭threebeards


    stepbar wrote:
    It might be better to do a remortgage, I am assuming that the remortgage would be on their Principle residence.
    Stand alone mortgages are available for BTL's but at a lower Loan to Value in most cases.
    stepbar wrote:
    Buy to lets generally have a higher interest rate and so it would be best to remortgage at the lower rate.
    Generally yes but not always. It depends on a number of factors.
    stepbar wrote:
    TBH your friend is best talk to a Mortgage advisor
    @kmb - PM me if you want more info


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