Releasing Funds?

Geforce

Brief situaton;

I'm considering a small BTL investment property to rent out in my local area. The problem is I don't quite have enough deposit.

I was considering the possibility of;

Attempting to release funds from my current property as a recent valulation suggests it has increased in value so I have approximately 55k in capital. Although I appreciate I can't release the whole 55k because then I'd have a 100% mortgage.

Is it relatively easy to release funds?

I'm really looking for advice on how to pursue the above scenario.

I also appreciate I probably haven't given enough information, but again I'm unsure what to give!

Thanks in advance.

kingstreet

You approach your current lender for additional borrowing, or you remortgage to a new lender. This means you pay off your current mortgage with the new one and the extra money is paid to you by the solicitor handling the transaction.

Look at the rate implications of either option.