Releasing equity on a property

TrickyDicky101

I have a rather blinkered view of mortgage providers only having my own experience to go by

And if Nationwide continue to screw about with my mortgage offer, I certainly won't be hurrying to recommend them!

holly_hobby

TrickyDicky101 wrote: »

I have a rather blinkered view of mortgage providers only having my own experience to go by

And if Nationwide continue to screw about with my mortgage offer, I certainly won't be hurrying to recommend them!

Apols TD ... I thought you were an advisor

OP - I've fished out my old placement cards (blimey half of them, have gone the wall completely, merged or just self combusted !!!0

But from looking at general criteria, as long as you keep your LTV below 75% you shouldn't have any problems. You're at 50% at the moment on 70/140 (assuming your main residence values up ok).

Easily accessible high street names that are still going, who DID look at unencumbered remortgages (min 25k loan) prior to recent bed sharing were -

Both Abbey & A&L (who are now Santander)
Barclays
Halifax as part of HBOS (now part of Lloyds Banking Group) but still on the high st trading under their own name - not available on rapid remge scheme (i.e fee free legals)
Nationwide - still standing !!
Yorkshire B Society (which now inc's Chelsea BS who also lent in this market)

There are others, but I can't recall if they were intermediary access only or not - so I have listed the main guys you see on the high street.

Maybe one of them are your bankers and you would have a head start in a bit of gen advice with them ... ??

Hope this helps (even if whose lending is a little rusty !!)

Best wishes

Holly

Thrugelmir

kingstreet wrote: »

TD's right. Money can be raised on BTL or on residential and still has ability to offset interest costs against rental income.

Borrowed up to the original purchase price of the property. So not based on current market value.

Sartois_2

Thanks for all the info Holly, 'tis very useful; I'll have a chat to the banks and see what they can do - I suspect my income will be the most significant factor either way (i.e. equity release or BTL) since they don't tend to include potential income into the equation.

holly_hobby

BTL largely based on rental income
Residential mge - generally based on earned income with income coming from "self employed business" i.e which is technically what renting a property amounts to - generally wanting history of rental income, renewal of ASTs with the tenant etc. BUT I am not saying that a lender won't take this into account period - it will really depend upon the quality of the case & their exposure.

To repeat .... if you want to cut to the quick - pay a visit to a whole of mkt adviser and pick his brains and contacts !!!

Hope this helps

Holly

Yorkie1

tradeseeker reported as spam

bclark

Yorkie1 wrote: »

tradeseeker reported as spam

What are you doing? You seem to have posted this in most threads yesterday when there quite clearly is no spam.

TrickyDicky101

bclark wrote: »

What are you doing? You seem to have posted this in most threads yesterday when there quite clearly is no spam.

There were posts by a user named tradeseeker which have since been removed by the moderators. Why Yorkie1 felt the need to post into every thread he had reported tradeseeker is beyond me, however.