Let to buy - equity release for deposit AND stamp duty?

muhandis

Hi,

We're thinking of converting our home to a buy to let, releasing equity and buying a property to live in.

My question is, would it be possible to use the released equity for both deposit and stamp duty on the residential purchase or is it only allowed to cover the deposit which means we'll need to cover the stamp duty with existing savings?

Thanks.

ACG

Depends on the lender but you can use the money for both in the main.

SDLT_Geek

You will need to allow for the extra 3% SDLT which will be due on the price of the additional property. That is due even though you intend to live in it, because you are keeping your existing home.