Posted on 4 December 2012 by Shabaab
I have a mortgage of £70k and property is worth £130k. It is a residential mortgage. I wish to remortgage to take as much out as i can to buy more properties on BTL. What is the best way to do this?
If you are looking to raise money against your main residence, most lenders will typically go to 75% of the current value, which would release an extra £27,500 to go towards the deposit for the purchase of a Buy To Let property. There are some who may lend at higher Loan to Value's but we'd need to know more about your personal situation before we know whether this would be feasible. Buy To Let mortgages are typically available to 75%LTV, though we do now have lenders going to 80% and one or two, who are offering 85%LTV.
If you would like to discuss your enquiry in more detail, then please let me know, and I'll arrange for you to speak to one of our consultants.
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