Raising Money from existing properties

njbhorn

Hi,

Looking to raise some money to buy a property without having to sell our main home.

Home worth 800k with mortgage of 330k
Own two flats outright
One worth 450k with tenants paying 20k a year
One worth 380k with family member living paying costs

We are looking at retirement in a couple of years have a pension pot of approx 900k I am over 55 wife is 53 pot is approx half mine

We currently earn 100k between us

So looking to buy a property costing approx 425k which is about 50% the value of our two rented flats so is it feasible in this day and age to raise a mortgage of this amount with a view to selling our main home in a couple of years and clearing off the 330k mortgage and the new 425k mortgage?

Didn't want to touch pension pot just yet have and have about 50k we can get at for deposits etc

kingstreet

What's the purpose of the new property?

It looks like a let to buy remortgage of current property to raise deposit for new one and new residential for new one if you plan to live in it.

Otherwise, it's remortgage of current on normal residential basis to raise deposit and BTL mortgage on new property if you plan to let it.

njbhorn

Thanks for the reply..

New property is ultimately retirement home basically.