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I am planning to buy a residential property which needs lot of work.
My plan is to sell my current property which is in my name and with the equity from this property, I want to put mininum deposit and rest to be used for Home improvement.
But I wanted to have more money for home improvement
My wife has a Rental flat in her name which gets her around 625£ pcm and it is mortgage free. She is currently a home maker.The property is worth around 115k. She does not have any residential property in her name.
My query is:
1. Is it a good idea to apply a BTL mortgage for her rental property and use the mortgage amount for home improvment? Being a home maker , Will she able to get BTL mortgage? Is it possible to get 75% BTL mortgage if she applies on her own?
OR
2.Will it be better , If I include her as owner in our property and mortgage and use her rental income as additional income to inorder to get more mortgage amount from bank?
Please advise which option will be better?
My plan is to sell my current property which is in my name and with the equity from this property, I want to put mininum deposit and rest to be used for Home improvement.
But I wanted to have more money for home improvement
My wife has a Rental flat in her name which gets her around 625£ pcm and it is mortgage free. She is currently a home maker.The property is worth around 115k. She does not have any residential property in her name.
My query is:
1. Is it a good idea to apply a BTL mortgage for her rental property and use the mortgage amount for home improvment? Being a home maker , Will she able to get BTL mortgage? Is it possible to get 75% BTL mortgage if she applies on her own?
OR
2.Will it be better , If I include her as owner in our property and mortgage and use her rental income as additional income to inorder to get more mortgage amount from bank?
Please advise which option will be better?
