So, you’ve bought your first buy-to-let, you love being a landlord and you’ve decided you want to buy more and you’re thinking “where do I go from here?”
OK, let's start this process again. The same rules as before apply with regards to deposit amount and affordability requirements. But where do you want to go from here? If you want to keep growing your portfolio, have you considered putting the buy-to-lets in a limited company? We are not tax advisors so we cant advise you on the ins and outs of this but we believe your first step should be to speak to an accountant and have them take you through the pros and cons so you know where to start. The above applies to all buy-to-let mortgages.
At the beginning of this page, I mentioned consent-to-lets and let-to-buys. I haven’t forgotten, so let’s go through them now.
This is where your current lender allows you to take your current mortgage with you to your new property and may potentially allow you to ‘top up’ your mortgage to borrow more if needed.
A let-to-buy is where you remortgage your residential property, release some cash to put down a deposit on a new home, and then let out the current property. Again, a great option for some people who don’t quite have enough deposit to buy the next home but have enough equity in the current property.