Can I raise money on my Buy To Let for home improvements on my main residence?

Posted on 24 July 2013 by Mr P Jashapara


I own a freehold property which is currently rented out. I now wish to raise capital on this property of £120,000. The current market value of the property is £450,000. The funds raised will then be used for extending my residential property which is occupied by me. Thanks.

Mr Jashapara,

Subject to the rental income being generated by the property meeting a lenders calculation and the rest of their standard criteria, then I can't see any reason why we shouldn't be able to raise the mortgage you are looking for. The loan to value is very strong which will also be very helpful, which makes this look fairly straightforward.

If you can let me know the best time for yourself, I'll arrange for one of our consultants to contact you, to talk through your options in more detail.

Regards,

Simon

simon.collins@johncharcol.co.uk

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