What is the best way to get money our of my BTL mortgages for home improvements?

Posted on 24 April 2008

I have 2 BTL mortgages of £20,000 each, so that is £40,000 combined. The properties are worth £110,000 each so that is £220,000 combined. I would like to release £30,000 for my primary home improvements. What is the best rate available? Should I take £30,000 from one of the properties or £15,000 from both?

Thanks,

Andrew

However you spread the debt makes little difference.

Of course one remortgage will cost you less to administer in terms of fees, but if they are due to be remortgaged soon anyway, securing it all on one would mean that you could take a mortgage deal with a tie-in, and leave the other one without penalties, in case you wanted to sell one.

As for the actual deal, you need a financial review before anyone could tell you that. Do call us on 0800 358 5560 if you would like to speak to a Charcol advisor.

Category: Buy-to-let

 

Answers provided in response to Ask Bea are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not neccessarily represent the views, positions, strategies or opinions of Charcol Limited. All comments are made in good faith, and neither Charcol Limited nor Bea will accept liability for them.

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