Releasing Equity on a Let Property

Posted on 5 February 2011 by Alan


I am 67 years old and have a second property with no mortgage, which is let out. Is there a scheme whereupon I can release some of the capital value of the let property to fund an extension on my main home?

Alan,

There are Lenders who will consider a mortgage application from you and allow the mortgage term to run until you are aged 80. The amount you can raise would depend on the rental income you receive and satisfying their lending criteria. There are also Lenders who offer Lifetime Equity Release products but these need to be secured on your main residence and I don't think they would be suitable for your purposes.

I believe you would benefit from speaking to one of our independent mortgage advisers. If you call on 0344 346 3672 and tell the adviser the date of your question, they will be able to look at your situation and take it from there.

Peter

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