My current property is unencumbered. What's the best way to get money out to fund another house purchase ?

Posted on 2 June 2013 by Ian


I own my home outright what is the best way to get money out to fund another house purchase ?

Ian,

Assuming that you want to keep your current property, then most people in your position do what is known as a 'Let To Buy'. This is where you raise funds on your existing property based upon the rental income it is likely to generate. You can then use the funds raised to either pay for the new purchase outright or for the deposit, and then top them up with a new main residence mortgage.

Most lenders will cap the loan to value (LTV) on Let to Buy at around 75%, though there are a few who will go slightly higher.

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

Regards,

Simon

simon.collins@johncharcol.co.uk

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