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Mortgages
Meredie
Posts: 6 Forumite
Hi
I have a flat which I rent out already and it is mortgage free. I want to release the capital to buy into something else - am I looking for a Buy to Let Mortgage or a Remortgage?
All the buy to let calculators assume you are putting a deposit etc...
Any help?
Thanks
I have a flat which I rent out already and it is mortgage free. I want to release the capital to buy into something else - am I looking for a Buy to Let Mortgage or a Remortgage?
All the buy to let calculators assume you are putting a deposit etc...
Any help?
Thanks
0
Comments
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BTL remortgage of an unencumbered property.
Your "deposit" is the equity you will leave behind.
As an example, if you get a mortgage for 65% of the value of the property, your deposit is the 35% equity which will remain.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 -
Do you know where I could find an online calculator for that type of mortgage? I am hoping to release as much as possible without leaving too much equity!0
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There isn't a "calculator" for that.
You are asking which lenders' criteria offers the largest loan to value on a BTL unencumbered remortgage. Then, you'll need to be able to compare the rental income with the lender's rental income cover requirements to see if that LTV is actually achievable.
That's a broker experience/research need and won't be found on a single web page.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 -
Thank you for your help!0
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