Can we use our current rental property to raise a mortgage to help us buy another one?

Posted on 6 May 2013 by Carol


We own a property which we rent out, it has 11 years to run on the mortgage, we would like to buy another can we use this property to get a mortgage for another house. We are both working but are in our mid 50's.

Carol,

Without knowing the exact figures I can't be too pecific, but in principle and subject to meeting lender criteria, there's no reason you can't raise funds on your existing rental property to use as a deposit for another one.

If you'd like to talk through some specific examples, 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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