Mortgage advice

JaipurBeer

Hi, new to the forum and after some advice.

I have recently relocated due to work and am currently renting out my property while I rent in my new location.

Ideally I would like to continue renting out my property and buy in my new location.

I have about £60k in equity in my property but only about £15k in savings. My mortgage is with Nationwide on their BMR and they won't allow be to borrow anymore to use as a deposit on a new property.

I am looking for a way to keep my rental and use the equity as a deposit on a new property.

Thanks in advance!

Thrugelmir

You will struggle to meet this objective. Selling up is your best option. (in my personal opinion).

dimbo61

You have I assume Consent To Let from Nationwide ?
This can be time limited ( IE 1/2/3 years!) before Nationwide will want you to change onto a BTL ( buy to let mortgage)
If you are on the BMR are you paying 2.5% Interest ?
You do not give the value of your old property or the amount you want to pay for a new property.
Most BTL lenders require you to have a 25% deposit so you might be able to release a small amount from your exiting property if you change to a BTL lender.
not sure if the figures would work out

kingstreet

At some point, Nationwide will look to load your mortgage rate by 1.5%pa in return for your consent to let.

In the meantime, there's no way you can use the equity in the property without remortgaging to a new lender, or selling.