unencumbered home to purchase a Buy To Let property
Answered on 21 February 2019 by Nick Morrey
Hi, I own a property worth £1.6m (fully, no morgage on it). I would like to morgage it to raise funds to buy to rent another property for £600-750k. What options do I have? Many thanks, Katie
This basically means you have paid off the mortgage and you own the property outright. In order to be able to raise additional funds from this, we would need to understand your income, other liabilities, and general credit history. If we were to use an example of someone with a stable income, little liabilities and general good credit history, there should be no problem in raising a mortgage on your existing home, to purchase a new buy-to-let.
We would recommend having an initial discussion as to the options available to you for releasing equity from your home with one of our consultants to go through your enquiry in more detail to see exactly what's out there in the market for you.
Please get in contact via our enquiry form here.
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