I keep thinking of buying a house/flat to rent

I currently have a £55k mortgage for a house worth about 160k. If I wanted to but a flat for 30-40k what would be the best way to do it?

Should I get a seperate mortgage

Are there any good websites to check out when buying to let?

I know nothing, it is just an idea at the mo

 

Chances are you'd end up re-mortgaging your existing house, as the lender would prefer that as there's more security.

Flat for £40k ??!! round here they START at about £150k...........

 

You can only re mortgage your first property if you can show that you can afford the repayments.

If the lender knows you are buying to let, you pay a slightly higher interest rate.

The advantage of re mortgaging is you could buy the second one for cash at auction and get a good deal, or buy one in need of repair, where a mortgage wouldn't normally be given.

The lender will take account of the future rental income when deciding how much to lend.

There's probably some good info on here:

http://www.moneysavingexpert.com/mortgages

..

 

you will need a buy to let mortgage if you are going to rent out the property, and you will also need house insurance that covers tenants, damages, etc,

definately the best thing to do, as if anything happens to the house, you will not be covered