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Equity deposit
sproglet2010
Posts: 1 Newbie
I have a property valued at aprox £120000 with a mortgage of aprox £20000 on it. I am looking to get an investment property with a buy to let mortgage and am wondering if I can use my equity as a deposit and or to secure a new mortgage?
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Comments
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You would need to remortgage your current property in order to release the equity for a deposit for the purchase.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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You would need to remortgage your current property in order to release the equity for a deposit for the purchase.
Would the interest be offsettable against rental income (for tax purposes) if the funds were secured on the OP's own residential property?
GGThere are 10 types of people in this world. Those who understand binary and those that don't.0 -
Gorgeous_George wrote: »Would the interest be offsettable against rental income (for tax purposes) if the funds were secured on the OP's own residential property?
GG
Would need a good accountant for that.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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