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Releasing Equity on current property to buy next property
shashagh
Posts: 1 Newbie
Hello All,
I wanted to know what are my options and which lenders can support me.
I wanted to know what are my options and which lenders can support me.
Currently I have a mortgage on my current residence, and I have accumulated some equity. I want to buy second property and that would be my primary residence. And the current property would be my second property and will be changing mortgage type to let to buy. I am thinking of releasing some equity from my current property to use as deposit to buy next home. Can I do that? Also what’s the maximum of percentage of equity can I release? Which lenders can support me with this?
Many thanks
regards
Geeta
regards
Geeta
0
Comments
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Consult a mortgage broker to see if the figures stack up, ie. affordability etc. You'll need a MB to access a BTL mortgage.0
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Most BTL mortgages are 75%LTV and maybe 80%
So if you have plenty of equity then most things are possible0
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