Equity release

Newheight13

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? 

fatbelly

How old are you? Are you the sole owner?

Newheight13

45 and joint ownership with wife 38

Keep_pedalling

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

I mean by using advanced lending.

Thanks 

kingstreet

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.