Can I borrow on my second home, to invest in another property?

Posted on 8 September 2013 by Terry


Can I borrow on my second home, to invest in another property?

Hi can I borrow on my second home to invest in another property. The house is £170,000 approx and have a £40,000 repayment mortgage.

Terry,

Subject to income, overall credit history and meeting standard lending criteria, there shouldn't be any reason why you can't raise funds on your second home to invest in another property. Typically lenders would look to cap the borrowing at 75% of the value of the property, which would give you a maximum capital raise of £87,500 (after you've paid off the original £40,000) to go towards the invest property.

If you'd like to get a clearer idea of exactly what you can do, then please let me know and I'll arrange a convenient time for one of our consultants to contact you.

Regards,

Alistair

contact@johncharcol.co.uk

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