debt free from either a buy to let mortgage or right to buy mortgage

chorea

Hi i'm really hitting a brick wall here and i'm hoping somebody can help or at least point me in the right direction, Me and my partner are looking to be debt free we require are 25k so we thought that a secured loan or money gained through a re-mortgage would be the answer how wrong we were!! Can anbody tell me how we can get a loan on a buy to let property that has over 80,000k equilty or how we can borrow money on a right to buy mortgage that we have been accepted for but yet to apply for any lenders this house also has 60,000 equity?? We just keep hitting hurdle after hurdle and we just want to make a few home improvments and consolidate our debt!!

thanks in advance dave

Pixie5740

chorea wrote: »

Hi i'm really hitting a brick wall here and i'm hoping somebody can help or at least point me in the right direction, Me and my partner are looking to be debt free we require are 25k so we thought that a secured loan or money gained through a re-mortgage would be the answer how wrong we were!! Can anbody tell me how we can get a loan on a buy to let property that has over 80,000k equilty or how we can borrow money on a right to buy mortgage that we have been accepted for but yet to apply for any lenders this house also has 60,000 equity?? We just keep hitting hurdle after hurdle and we just want to make a few home improvments and consolidate our debt!!

thanks in advance dave

How exactly will taking out a secured loan of £25k lead to you becoming debt free? :huh:


Is the BTL property already mortgaged? If not you could apply for a BTL mortgage to release some equity or if there is mortgage you could remortgage.


You can't release any equity from the RTB property because a) you haven't bought it yet and b) the very generous discount you will receive will form part/all of your deposit.

Pixie5740

Duplicate threads on the Loans board and Mortgages & Endowments board.

Dobbibill

Moving debt does not make you debt free.

Why move unsecured debt and make it secured and put your home at risk?

Earn more/spend less and throw every spare penny at your debt.

It probably didn't arrive overnight so don't expect a quick fix - it's going to take determination, hard graft and time.