Remortgage for another house

tali

My house is worth @140k , and mortgage has been all paid off .I want to remortgage to buy another property(which seems to a particular niche), so despite looking online, i'm not quite sure how remortgage calculations will work in this instance
Obvs i have 140k in equity-so does this all count as a "deposit" to another property ? .Meaning on 200k property my mortgage will be 60k ? Or have i got it all wrong ?:o
Also i am 50 , so don't know how much this will affect my particular circumstances
Thanks

ViolaLass

You can't take out 100% equity. Your limit will be something like 75%. Whatever you can raise would be your deposit on the next property.

Are you going to let it? If not, how will you pay the mortgage?

dimbo61

If you want to buy a second property you are going to pay stamp duty +3% extra stamp duty.
You will need a mortgage unless you have the cash in the bank ?
If you are going to rent out this second property and become a landlord with all that involves
You need to find a mortgage broker who deals in BTL mortgages.