Posted on 16 March 2013 by Tania
We returned from Spain last year and continue to derive our monthly salary from Spain from our Hotel business there. We own a property in the UK that we do not live in but has a Buy-to-Let mortgage on it. As our circumstances have now changed we would like to release some of the equity .from this property to settle ourseleves in the UK. The property has been valued at £375,000 pounds and we have an outstanding loan of £197,000. Is this possible to do?
It may be possible, subject to finding out more about your situation. We could look to capital raise on your current Buy To Let upto 75% LTV which would release around £84,250 (subject to to the rental income being generated) to be used for the purchase of your new residence. I assuming that we'd then need to secure a residential mortgage for you ? What will be happening long term with your income from the hotel and what level of income do you derive from it? Will either of you be starting work in the UK ? Another question lenders will want to know is whether you've managed a UK address or any UK credit history while you've been abroad?
I think this may be doable, but as already metioned there's a lot more information we need.
If you'd like to discuss yoru enquiry in more detail, then please let me know and Ill arrange a covenient time for one of our consultants to contact you.
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