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Using equity from rental property to buy 2nd home
dyoung87
Posts: 10 Forumite
Hello,
I currently own a home, but due to work commitments had to re-locate and take up a rental property.
I've been looking to see if I can use any of the equity in my home (which I currently have a tenant in), to buy a property where I have moved to, as well as keep the rental house. My currently provider doesn't allow equity to be released while I have someone living in the property (Santander). Is this common? Or something more isolated to Santander?
Any help appreciated.
Many Thanks
I currently own a home, but due to work commitments had to re-locate and take up a rental property.
I've been looking to see if I can use any of the equity in my home (which I currently have a tenant in), to buy a property where I have moved to, as well as keep the rental house. My currently provider doesn't allow equity to be released while I have someone living in the property (Santander). Is this common? Or something more isolated to Santander?
Any help appreciated.
Many Thanks
0
Comments
-
So your home is the property you are renting, because that's where you live.
You can always remortgage the property you are letting, but what LtV do you have now and what would you be aiming for? I presume you're currently on a residential mortgage with consent to let? You would need to go for a BtL mortgage now.
Don't forget you would need to be paying the +3% SDLT hike on the property you buy, since it's an additional property and you aren't selling your current primary residence.
With that in mind, do the sums make sense to continue letting your old property?0 -
What did your independant mortgage broker say when you asked?0
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