Situation: Non 1st time buyer, mortgage on PPR is paid off, tracker mortgage on 1 rental property remaining.
Question: Would like to acquire a second rental property but as a non first time buyer, current rules indicate I need 20% deposit up front which is not going to work for me. So is there a way to purchase a property to rent out that does not need to comply with this rule?
What about setting up a company to purchase the property under and rent it out that way - do the same rules apply here?
How would I get the rent money back out of the company in this scenario? This is just one idea I am thinking about.
Does anyone know of any other ways to achieve this? ... or am I stuck with needing a 20% deposit up front?
Many thanks to all AAM'ers that take the time to read and respond.
candyman
Question: Would like to acquire a second rental property but as a non first time buyer, current rules indicate I need 20% deposit up front which is not going to work for me. So is there a way to purchase a property to rent out that does not need to comply with this rule?
What about setting up a company to purchase the property under and rent it out that way - do the same rules apply here?
How would I get the rent money back out of the company in this scenario? This is just one idea I am thinking about.
Does anyone know of any other ways to achieve this? ... or am I stuck with needing a 20% deposit up front?
Many thanks to all AAM'ers that take the time to read and respond.
candyman