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Thread: To sell or to re-mortgage

  1. #1

    To sell or to re-mortgage

    Hi there,

    First time poster and hoping people can help. I currently have two buy to let properties through inheritance and I'm thinking of selling one to fund some of the deposit on my house purchase. Would I be wiser to re-mortgage and continue letting it (one has a very small mortgage less than 10k) the other does not.

  2. #2
    Do you need a home to live in ?
    You will pay 3% extra stamp duty as you already own 1/2 other properties !
    What is the yield from each BTL property ?
    Long term plans

  3. #3
    Thank you, we currently rent another property with the lease due to expire 2 weeks after our completion date for the house I wish to purchase.
    6.13% on the first
    8.4% on the second

    We’re don’t really have any other options to pay the higher rate of SDLT so we’re OK with that.

  4. #4
    Fairly decent yields to use to borrow.

    you need to juggle the numbers, bigger deposit on the new place does it get a better rate enough to cover a smaller debt at a higher rate.

    if you have decent long term tenants could take a while to get them out.

  5. #5
    watch the costs on setting up letting mortgages they can be high.

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