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what mortgage??

darthy
darthy Posts: 2 Newbie
in Mortgages & endowments
hi everyone,
I wondered if anyone can help, I own a property that has no mortgage and want to release some equity.
can I get a but to let mortgage or is there a better way
thanks
dave

Comments

  • ACG
    ACG Posts: 24,896 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    What will happen with the property once you have released the funds?
    What do you want to release the funds for?
    I am a Mortgage Adviser
    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.
  • ACG
    ACG Posts: 24,896 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Ive just realised those questions alone make me look like im a nosey git.

    Im not, but the answers to those questions will help with the answer to your question.
    I am a Mortgage Adviser
    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.
  • darthy
    darthy Posts: 2 Newbie
    I intend to rent out the property, is rental value is approx. £500 pcm I need funds for my own personal finance but I don't know how to go about releasing the equity as I originally bought the property outright thus having no mortgage(its a second property and not my main property)
    oh and I didn't think you were being nosey I appreciate your response
  • Dave_Ham
    Dave_Ham Posts: 6,045 Forumite
    Tenth Anniversary Combo Breaker
    darthy wrote: »
    hi everyone,

    can I get a but to let mortgage or is there a better way
    thanks
    dave

    Hi Dave,

    Still having a childish giggle about the first question..

    As ACG says, achieving a buy to let subject to the detail should be fine..

    Good luck
    I am a Mortgage Broker
    You should note that this site doesn't check my status as a Mortgage Broker, 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.
  • ACG
    ACG Posts: 24,896 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Dave_Ham wrote: »
    Hi Dave,

    Still having a childish giggle about the first question..

    As ACG says, achieving a buy to let subject to the detail should be fine..

    Good luck
    Are you not going to tell him where you go? :p
    I am a Mortgage Adviser
    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.
  • Dave_Ham
    Dave_Ham Posts: 6,045 Forumite
    Tenth Anniversary Combo Breaker
    No idea for part a)

    Lenders wise should be fine...
    I am a Mortgage Broker
    You should note that this site doesn't check my status as a Mortgage Broker, 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.
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