Let to Buy. Can we raise £150,000 on our current home to fund the new purchase?

Posted on 19 June 2013 by Ross


Looking for a let to buy. We (wife & I)live in in a 4 bed semi in Ealing worth £850k (ish). We have a mortgage of £170k o/s. Looking to rent our house and buy a flat for £250k. We have £120 cash for down payment. Looking for further £150 (to include fees & re- furb). Please. thank you.

Ross,

From the brief details you have supplied this looks like a feasible deal. The equity in your current property gives you an excellent loan to value, and I can't imagine that the rent likely to be achieved is likely to cause any issues.

The only point to consider is that most lenders will ask the question as to why you're moving to a smaller property, but I don't think this should cause a problem.

If you'd like to talk to one of our consultants about your enquiry in more detail, then please let me know and I'll arrange a convenient time to contact to you.

Regards,

Alistair

contact@johncharcol.co.uk

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