Help sorting out my mortgage?

nmcconom

Hi,

I have a mortgage of approx. £65k on my house that is now worth around £200k. What I am looking to do is release equity from this house to fix up and extend another house (no mortgage on it) and I am thinking this will take around £50k.

What is the best way to approach this? The rental value of the house with the mortgage is potentially £375 per month so this is one option to meet part of the increased mortgage payments. Just wondering what would be the most cost effective way to do it.

Thanks in advance for any answers!

danjberry

what is your current salary?

UK007BullDog

You can only borrow as much against your home as you earn per income multiples/affordability.

Or you mortgage up the other proeprty with a BTL mortgage as there are so many on the market that would assist you with your renovating, releasing funds as you need them. (The same also with your property).