Aged 36 can I release money on buy to let?

Jjnut

My wife and I want to know if she can release any money from her property on a buy to let mortgage, to use as a deposit for another house?

She is 36 yrs old and when searching on the tinterweb it only seems to mention equity release on buy to let's aged 55yrs +.

Please can you help

Thanks

opinions4u

How much is the property worth and what does she owe?

Another radical option would be to sell the BTL property.

holly_hobby

In theory yes, this is perfectly possible.

The amount and feasability of it will depend upon the value of the let property, against the amount of mge required, which must be self sufficient (with rental income in general 125% of the mge payments).

Most lenders in the market have a minmum earned income of circa 25k, there are a couple whom don't apply this criteria.

The above is all VERY general, once we have more specific info on this we may provide more guidance.

Hope this helps

Holly

Jjnut

The house cost her £45 thousand and is worth £90/100 thousand. She is renting it at the minute, and her buy to let mortgage won't allow her any money out of the house. We were looking to use £30 thousand out of her house to use as a deposit plus another 10 thousand we have saved, to bring down the interest paid on a new property mortgage.

Thanks in advanc

koexelek

Jjnut wrote: »

The house cost her £45 thousand and is worth £90/100 thousand. She is renting it at the minute, and her buy to let mortgage won't allow her any money out of the house. We were looking to use £30 thousand out of her house to use as a deposit plus another 10 thousand we have saved, to bring down the interest paid on a new property mortgage.

Thanks in advanc

If the rental coverage was good enough, she could theoretically raise up to 80% of the house value with another buy to let lender ( if the current one won't do it)

A lot of BTL lenders insist the borrower had a minimum earned income of £20k though ( not rental income)
The Mortgage Works don't though