btl remortgage question

jee

I have a buy to let where 70% is equity. If i remortgage can i still release a little equity and how long does it normally take? I want to give some money to my parents.

Lilla_D

Remortgaging with equity release is possible in theory, but lenders will want to know why you're giving the money to your parents, i.e. is it to buy another property, repay their mortgage, home improvements, etc.?
How much you can release will depend on the rental income, your income, property value, etc.
How long the process will take depends on how quick you can supply all necessary documents, which lender is chosen, how busy they are, whether a valuer is going out physically or they just do a so called desktop valuation...how long is a piece of string? Let's say, on average it takes about 4-8 weeks.
If you speak to a broker, they'll be able to check your options and give you advice based on the details.

jee

Thanks so much. Its to renovate another property which has no mortgage.