Remortgaging 2 properties.

King1988

I have 2 properties that are both up for remortgaging, I am wondering is it possible to remortgage my residential one and release some extra cash and also my buy to let one to a repayment as it is on an interest only at the minute. If I can do this and the resulting cash from my residential can I then wait say 6 months and use that money to purchase another property? Remortgaging that to a buy to let?
I have £37000 left on my current residential and its valued at £70000, so if I was to borrow around £20K on top of what I owe to boost current deposit.

Any advice would be much appreciated.

theartfullodger

You might find it more rewarding the ask some mortgages brokers, just a thought, just sayin'.

Start with RLA
http://www.rlamortgages.co.uk/
or NLA
https://www.landlords.org.uk/services/nla-mortgages
mortgages. They are going to need a lot more info (income, debts, age, etc etc etc etc...)

Thanks for asking though!

King1988

Thanks, That is the plan I am just bored at work and thought I would see if its worth the effort before they sucker me in with fees and the like.

00ec25

King1988 wrote: »

Thanks, That is the plan I am just bored at work and thought I would see if its worth the effort before they sucker me in with fees and the like.

is it worth the effort of asking your mortgage related question on the mortgage board?

http://forums.moneysavingexpert.com/forumdisplay.php?f=15

King1988

Thank You, I wasn't aware there was a specific forum for this.

dimbo61

" how long is a piece of string "
No one can answer this question without doing a full fact find with you and checking your Credit score, reviewing your business plan and knowing a whole lot more about your income, savings, yield, equity in both properties etc