Buy to let to mortgage.

antonyt

Bit lost, lots of ideas not sure what is possible.

I have a but to let property but have to sell the property. There is about £60,000 of equity in the house.

I have found a great house to buy with a standard mortgage but have no deposit! Other than increasing the mortgage on the buy to let mortgage and taking the equity is there anything that i can do? Not sure lenders will allow this if i am going to sell almost straight away.

Have considered a 100% mortgage but that is risky.

_Andy_

You can 'consider' a 100% mortgage all you want - they don't exist.

You haven't said how much you need to raise for the deposit or any other figures so impossible to say whether remortgaging property one is viable.

I would suggest you speak to a decent whole of market broker.

herbiesjp

As Andy rightly says - without figures we can't see if it's going to work.

But in theory you can raise money from the BTL to use as a deposit for your new purchase. The more deposit you have the better the rate you will have available.