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I own a property outright approx £230K & I want to buy second property. How do I release equity from property 1 to go towards property no.2?

Posted on 7 May 2015 by Hannah G


Hi, I own a property outright - it's worth in the region of £230K. I would like to buy a second property. What would I need to do to release equity from property 1 to put towards property no.2? Thanks, Hannah.

Hannah,

This should be relatively straight forward to remortgage your existing property to release the funds to buy the new second home. Naturally the loan is dependent on you meeting the lenders standard affordability, and general criteria.

Without knowing the rest of the figures and your personal financial situation, I can't say 100% that we could get you the loan you need, but certainly, in principle there's no reason why you can't do this.

I think it would be worth exploring your options in a bit more detail, and if you'd like to do so, then you can speak to one of our consultants on 0344 346 3672 and they'll be able to give you a more exact idea of how we can help.

Regards,

Simon

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