Hi,
i have recently renovated a property with a view to rent it out. The property wil be ready in around 1 month. However, i would like to get another property after this one, again to rent out.

At the moment i have one mortgage (on the house i am going to rent shrtly) but what do i have to do to then get another property.

I brought the property cheap and there will be roughly 25k equity in it, once it is complete.

I have been told a number of this but its hard to know what is right when your new to this game. I have been told that i could get a buy to let mortgage using the equity out the house to form the deposit?

Can anybody shed some light on this please?

Thank you

Hi liamraffo

It is possible to do it, but if you only recently purchased your property, may not be so easy as there could be some restrictions. Speak to your current mortgage lender and ask what their position on further advance. For example if property wasd purchased for a 100K with a 70% mortgage, but now valued 125K, they may be happy to lend you extra £12500 or even more, depending on their policy and your rental income. Some lenders are quite happy to give you money for a deposit, while some have quite restricting lending criteria. I think in this case it is probably wise to speak to a mortgage advisor.