BTL - neither bank nor building society offering them?

smiler247

I am looking to release equity on a mortgage free inherited property that I intend to start letting out in the next few months.

I have enquired with both HSBC and the Teachers Building Society (who my current mortgage is with) and both are saying they no longer offer BTL??

Is it because I can't use it to release equity, and if so, will it still be possible via a broker?

Thank you for your time.

kingstreet

What is the specific meaning of "release equity" as this has multiple possible outcomes, based on differing criteria?

You want to remortgage an unencumbered property onto a Buy To Let, or Let To Buy Mortgage?

What is the purpose of the capital raising?

I can think of may lenders on the broker sector who consider such cases, so an independent broker would be your next logical port of call.

Thrugelmir

smiler247 wrote: »

I am looking to release equity on a mortgage free inherited property that I intend to start letting out in the next few months.

That's not a BTL per se, the purpose of the funds may also be an issue for some lenders.