I own 2 properties outright & am looking to raise monies to go into a joint venture with a friend. Can I do this?
Posted on 14 May 2015 by Rob
I own 2 properties outright. One is worth £150,000 and is let at £625/month gross. I live in the other and it is worth £190,000. An acquaintance of mine is doing HMO sucessfully. What would be the best way to release some equity from one or both of my properties to raise capital for a Joint Venture? I also have some savings. Thanks and Regards, Rob.
Based on the information provided, I can't see why you shouldn't be able to raise a Buy to Let mortgage on the rented property, and a residential one on the one you live in. This would naturally be subject to meeting the lenders normal criteria, and we would to know the rest of your personal financial situation before saying exactly what you could be able to borrow.
Buy to Let mortgages are typically capped at 75% loan to value, and the actual loan size is also dependent on the rental income being achieved, which in this case would be sufficient to look at a loan of £112,500.
If you'd like to discuss your enquiry in more detail, then please contact one of our consultants on 0344 346 3672 and they'll be able to give you a more detailed idea of how we can help.
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