Capital Raising on existing properties
Posted on 18 April 2010
I have two property's that I own out right, one is worth about £65000 and the other about £80000. I also have a third with a 5£0000 mortgage on that one is worth about £130000. What is the best way to raise funds to purchase another property?
Brenda
It should be possible to raise a mortgage on each of the properties by way of either a Buy to Let or Residential mortgage and failing that by taking a secured personal loan.
The type and amount of loan will depend on how the properties are being used and if let, how much rental income they command. If they are not let then Lender's will want your own personal income to cover any amount borrowed.
I recommend that you speak to an independent mortgage adviser who will be able to assess the situation and recommend the most suitable solution for you.
Peter
Categories: Buy-to-let, Raising capital out of property, Second properties
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