Buy to let mortgage a good idea?

[Paul32]

Hell there, and thanks for reading this.

Let me explain my situation.

I am having problems keeping up with the mortgage repayments on my current home.

I have a chunk of cash in the bank, and considered using this to pay the mortgage payments in the short term.

The problem is, when this money runs out, I will still have the same problem.

A friend suggested I use that money as a down payment on a new house, and purchase it using a buy to let mortgage, I could then use the rental income to subsidize my own mortgage payments.

Is this a good idea or not?

Thanks in advance.

Paul..

[FredK]

Hi Paul.

Well I seem to be answering many questions today, so I may as well answer this one!

The problem you might have is if your buy to let property sits empty, you will then have to pay both mortgages with no rental income to help you out!

Check out this page here, http://www.cozyprices.com/buy%20to%20let.html, it has some really good information about buy to let mortgages.

Sorry to hear the recession is hitting you hard!

FredK - Answering all the questions today!

[MacW]

Paul is right, you might be bitting off more than you can chew if you find it hard getting tenants for your buy to let property.

Have you thought about re mortgaging your current home? Have a look at the link below:

http://www.cozyprices.com/remortgages.html

Mac.

[Paul32]

I never considered what would happen if nobody was living in the house I was using the buy to let mortgage to purchase, maybe it is not such a good idea.

The re mortgaging idea is a good one though, I think I prefer that.

Thanks to both of you!

Paul