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Equity release

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Hello,

I have a BTL property with TMW, 127k interest only mortgage - property worth 200k and rental income is £1300. How much equity can I release please? 

Comments

  • fatbelly
    fatbelly Posts: 22,954 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Cashback Cashier
    How old are you? Are you the sole owner?
  • Newheight13
    Newheight13 Posts: 237 Forumite
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    45 and joint ownership with wife 38
  • Keep_pedalling
    Keep_pedalling Posts: 20,777 Forumite
    Tenth Anniversary 10,000 Posts Name Dropper Photogenic
    You can release £70k by selling, but you have no chance of obtaining ER because you are to young and it is not your home.
  • Newheight13
    Newheight13 Posts: 237 Forumite
    Fourth Anniversary 100 Posts Name Dropper
    I mean by using advanced lending.

    Thanks 
  • kingstreet
    kingstreet Posts: 39,256 Forumite
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    So you want to remortgage, to borrow more? You aren't looking for equity release which is a specific product under the later life lending heading?

    Assuming the former, each lender will calculate affordability differently. They will use;-

    your tax rate
    stress levels (ie rent must be eg 145% of monthly mortgage cost assuming a rate of eg 6%pa)
    the product (ie you can borrow more on a five year fix than a two year fix)
    the product fee (a product with a higher product fee will have a lower rate).

    Your question is difficult to answer without more information, so you may find it more productive to discuss your requirements with a broker who can get you the amount you require at the best terms.
    I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.
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