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Buy to let / let to buy without buying another property?
samson1313
Posts: 33 Forumite
My house was valued at £230000, i owe £48000 on the mortgage (past the end of the term so i can switch move or pay off with no penalty) i was told i could switch it to a let to buy and get around £122000 out of the property as a deposit on another house but what id like to do i just take the equity out of the property and look for some land or an auction property i can buy so i'd like to have cash as such available in the bank.
Is it possible to put my house onto a buy to let without buying another property?
Is it possible to put my house onto a buy to let without buying another property?
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Comments
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Yes but not with many lenders. Most will want to know the onward purchase property.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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