Equity Release to Buy a Second Home...

littlelostkiwi

Hi,

My partner and I purchased our first home in October last year for £220k with a LTV 80% on a fixed term 2yr rate. We have renovated the property and had a few estate agents in to give us a valuation which has come in with an averge of £245K for sale or £1000pcm rental.

We are trying to decide whether to sell or to rent at the end of our fixed rate mortgage (October 2011) and were leaning more towards the rental option.

We were wondering whether it is possible to remortage our current property as a buy to let and then release the equity to use as a deposit towards a second home.

Is this a) possible and b) can you have all of the equity released or will they only release a percentage?

Any help and advise would be appreciated as we are fairly new to this property game.

Thanks!

Thrugelmir

As your new to the property game. But I would say some years to late personally.

I would suggest firstly you look at the terms and conditions of BTL mortgages. Google the Post Office or the Mortgage Works. This will give you an idea of interest rates , fees and LTV's.