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Remortgage a rented house
brucethefish
Posts: 173 Forumite
Hi there
I currently rent out my house which I lived in for years, however the mortgage is still standard ie not buy to let
I rent now, but am looking at buying a house for me, and would need to use some equity in the original house
However, there wouldnt be enough to do this if I converted to a buy to let
I rang for a quick quote and told them I was remortgaging to get a buy to let, the new mortgage on the new place would be with a different lender, would this be possible?
I currently rent out my house which I lived in for years, however the mortgage is still standard ie not buy to let
I rent now, but am looking at buying a house for me, and would need to use some equity in the original house
However, there wouldnt be enough to do this if I converted to a buy to let
I rang for a quick quote and told them I was remortgaging to get a buy to let, the new mortgage on the new place would be with a different lender, would this be possible?
0
Comments
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Most BTL mortgages are 75% LTV with a few at 80%
So if you don't have enough equity you won't be able to swop to a BTL mortgage while also taking a lump sum out of the property value to put down as a deposit on a new home for yourself.
Perhaps you might want to sell your current home !
You will also face extra 3% stamp duty if you buy a second property.0
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