Property Buy/Sell question - HotUKDeals
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Property Buy/Sell question

lanc_red Avatar
2y, 4m agoPosted 2 years, 4 months ago
Note figures are a general idea.

So I want to buy a new house thats 300k. I already have a house that's worth approx 185k and only have 10% of a 130k mortgage left to pay on it. Ive been asked if I would be willing to rent mine out instead of selling up.

Can I release the full equity in order to sub the funding on buying the new house? Ive rung the bank and they said I cant, so just wondering how I would do it.

I know its quite a vague question and open to answers. Advice much appreciated.
lanc_red Avatar
2y, 4m agoPosted 2 years, 4 months ago
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#1
Buy to Let Mortgages usually only go to a maximum of 75% LTV so you may be able to release £128,750.

You would then need to raise the remaining £171,250 on the new property.

Most mortgage companies do not take 100% of your rental income into account, so depending on your income they may say that they don't believe that you will be able to support the total mortgage values.

Best Bet is to speak to an IFA who can run through various options with you.
#2
paul1005
Buy to Let Mortgages usually only go to a maximum of 75% LTV so you may be able to release £128,750.

You would then need to raise the remaining £171,250 on the new property.

Most mortgage companies do not take 100% of your rental income into account, so depending on your income they may say that they don't believe that you will be able to support the total mortgage values.

Best Bet is to speak to an IFA who can run through various options with you.

Thanks for the initial guidance, will maybe seek some IFA help.

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