I'm at 75%LTV already. Can I do a Let to Buy or do I just sell and move ?

Posted on 5 April 2014 by Matthew

I own my flat which is worth approx £200,000, and i have £150000 left on my mortgage (£50000 approx equity). Would it be possible to release some of the equity in this property to buy another and then rent the flat? My wife and I's joint salary is around £65000 a year. Or would it just be better to sell the flat and use the equity as a deposit on another?


Unfortunately, most lenders tend to cap their Buy To Let lending at 75%LTV, which is where you're already at with your current property. There are a couple of lenders who will look to go to 80% LTV, subject to the rental income likely to be generated, which would release approx £10,000 to go towards the deposit for the new property. I don't know whether you have any other funds to add to this, or if this would be all we would have to use?

If the answer to the above is 'no' then I think you'll just have to look at selling the flat, and using the equity for the purchase of your new home.

If you'd like to discuss your options in more detail, then please contact one of our consultants on 0344 346 3672 and they'll be able to give you an idea of how we can help you.



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