Advice needed please!?
We currently own a property, and are looking at moving.
We would like to rent our current place out, and release equity for a deposit on a new place at the same time as getting the buy-to-let mortgage.
Could someone recommend a buy-to-let mortgage calculator so that I can work out how much we would pay in interest only on a monthly basis, based on the new mortgage amount?
Expert realtor: please re-read my question. At no point to I say I want a bridging loan. We have quite a lot of equity tied into our home, and all we are wanting to do is release some of it to use as a deposit, and then rent our current property out.
To calculate the interest on your loan,
say a £100,000 loan at 6% interest,
monthly payments would be
£100,000 x 6% divided by 12,
so £500 a month
hope this helps,
http://emergingpropertymarkets.org
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