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How can a home owner use his own home as equity?
geek84
Posts: 1,138 Forumite
Hi Folks
I’m thinking of purchasing a buy to let property and waswondering how I can use my own home (mortgage all pad off), as equity tofinance my purchase?
Thanks in advance for your responses.
I’m thinking of purchasing a buy to let property and waswondering how I can use my own home (mortgage all pad off), as equity tofinance my purchase?
Thanks in advance for your responses.
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Comments
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Hi Folks
I’m thinking of purchasing a buy to let property and waswondering how I can use my own home (mortgage all pad off), as equity tofinance my purchase?
Thanks in advance for your responses.
You'd need to take a residential mortgage on your own home to raise cash.
But to be honest with the basic questions you're asking I'm not sure it's the best idea. Being a landlord is very complicated.Trying to be a man is a waste of a woman0 -
Take out a mortgage and use the money as deposit for BTL?0
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Remortgage of an unencumbered property to raise capital for investment property purchase, is how I'd describe it.
Do you want to be a landlord, with all the legal and moral responsibility that entails?
If you are going to raise the funds on your domestic residence, you are going to need the income to pass a lender's affordability checks and that will be based on the term you have to retirement.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
If you need to ask this question, I wonder how much you really understand about the finance involved with running this business?
Get yourself a good book (free) from the library on the subject. You have a lot to learn I suspect.
New Landlords (information for new or prospective landlords)0
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