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What deposit is required for second home?
Penguin66
Posts: 15 Forumite
Hi,
Just wondering, if I was going to buy a house, could I rent out my current property? Would this mean I would need to have a 25% deposit for the new property, or have at least 25% equity in first property?
Thanks all
Just wondering, if I was going to buy a house, could I rent out my current property? Would this mean I would need to have a 25% deposit for the new property, or have at least 25% equity in first property?
Thanks all
0
Comments
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Are you looking to take out a second mortgage against the new property? Minimum deposit between 20-25% depending on the lender.
If you have an existing mortgage on your current property and have enough equity, you could raise up to 80% by switching to a Let to Buy mortgage.
If you don't need to raise any funds from your current property, you can rent it out by applying for a Consent to Let from your mortgage lender.
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