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Aston Lawyer
Aston Lawyer, Solicitor
Category: Property Law
Satisfied Customers: 10656
Experience:  LLB(HONS) 23 years of experience in dealing with Conveyancing and Property Law
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I'd like to remortgage a buy to let I own to raise a deposit

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I'd like to remortgage a buy to let I own to raise a deposit for a new buy to let I'd like to buy. I bought the house for £63k. It's now worth £125k. That means there's £63k equity in it. How much of that equity can I release?

Hello and thanks for using Just Answer.

I am Al and am happy to assist you with your enquiry.

Nearly all Lenders will grant a Buy to Let 80% mortgage, so that the customer has at least 20% equity left over. Therefore, you should be entitled to get a Mortgage for £100,000.

Unless you are staying with your existing Mortgage Lender, you could try the Mortgage Works as your new Lender.

I hope this helps and answers your question.

Kind Regards

Al

Aston Lawyer and other Property Law Specialists are ready to help you
Customer: replied 2 years ago.
Thank you - why do you suggest the mortgage works? Are you affiliated with them, or have you had positive experiences with them before?

Hi,

I'm not in any way associated with the Mortgage Works- it is just that most of my BTL clients seem to obtain Mortgages from them and they are probably the most popular buy to let provider.

KInd Regards

Al

Hi,

Can I asssit you any further?

Kind Regards

Al