Purchasing second home

SophMa1

We now own a RTB property (mortgage free) and currently looking to purchase another property to live in and rent out our RTB. 
As we are still within the 5 year period we are not in a position to sell without paying back the discount.
With this in mind, do we have an option to release any equity towards the second property?
Or would we need to save up a deposit separate? 
As it is a second property what would the minimum LTV be? 
Thanks in advance 

london21

You should be able to release equity.
usually BTL properties are 25% deposit or more. 

[Deleted User]

Within the 5 year period most lenders will limit capital raising for home improvements only.   I don't do enough to know the current state of play but my criteria guide has got most lenders saying they wont do it.

I suspect youll be best approaching a broker to do some legwork for you to get a specific answer

[Deleted User]

If you are renting your property out and buying another to live in then you can do it with as little as 10% deposit for the new property. 

Daniellewilson1987

I'm interested in this as well as hoping to release enough equity to buy a second property, does anyone know if there are any rules on remortgaging on a right to buy within the 5 years?

SophMa1

Daniellewilson1987 said:

I'm interested in this as well as hoping to release enough equity to buy a second property, does anyone know if there are any rules on remortgaging on a right to buy within the 5 years?

i was hoping to release around 15k as ours is owned in full. It appears to be more tricky that it sounds 

Daniellewilson1987

I'm hoping for around £18,000 I have been told by my mortgage advisor that I need to check with the seller/ housing association if its OK or if there are any rules attached to remortgaging