Advice on getting a re-mortgage and equity release to invest in a new property.

sylvia.stef

Hello. I am looking for an advice regarding re-mortgaging my existing flat and getting a new, larger one.
My flat currently values on the market for around £420,000 ( same size flat was recently sold in my block of flats for that price ).
I have no mortgage on it and looking to release as much equity as possible to put on a deposit for a new flat for around £650,000.
I am planning to rent out my existing flat and it would probably rent for approximately £1,500 per month.
Our joint income is approximately £70,000 per year. 
I would be very grateful for some professional advice (before finding a mortgage broker ) on what is the best type of mortgage with a lower interest rate and how much approximately I could get out as equity from my flat to invest in a new property.
Many thanks for your time.
Kind regards to all of you.

Thrugelmir

Little chance of buying a property of that value as your finances stand. Selling your current property is a better option. 

barbedhook

Try getting in touch with step change to get some free advice they don’t only deal in debt management they also offer advice on mortgages and equity Release.

dimbo61

I have No idea if this is possible but I think you need to find  a whole of market mortgage broker who deals in BTL  mortgages and he/she can sit down and look at the options.
If you can get a 75% BTL mortgage this would give you £300K to use as deposit for the new £650K flat.
Will someone lend you a £300K BTL mortgage with a rental income of £18,000 a year before costs ?
Will another lender consider you for a £350K mortgage on £70,000 a year ( 5X income) and ignore the BTL mortgage !