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Remortgage/release equity to buy new property
Options
lpeggie
Posts: 1 Newbie
Hello, looking for a place to start...
I inherited a property from my late grandparents and have no mortgage, title deeds in my name and have been now for over 2 years.
My partner and I are looking to buy a bigger property but I’m keen to find out my options re. Renting out my current property. Other flats in the area can gather a decent rent of around 500pcm as a minimum....
Is it at possible to release a sum of money from this property OR remortgage an amount of money in order to place a bigger deposit down on the new property?
E.g current value of flat around 90k, release 20k to put down as deposit?
Thanks in advance
I inherited a property from my late grandparents and have no mortgage, title deeds in my name and have been now for over 2 years.
My partner and I are looking to buy a bigger property but I’m keen to find out my options re. Renting out my current property. Other flats in the area can gather a decent rent of around 500pcm as a minimum....
Is it at possible to release a sum of money from this property OR remortgage an amount of money in order to place a bigger deposit down on the new property?
E.g current value of flat around 90k, release 20k to put down as deposit?
Thanks in advance
0
Comments
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It's called a buy-to-let mortgage.0
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... or even a let to buy!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
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kingstreet wrote: »... or even a let to buy!
Is there a practical difference?0 -
Nah, not really.
Some lenders let you use their BTL products while others have specially marked LTB ones.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
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