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Aston Lawyer
Aston Lawyer, Solicitor
Category: Property Law
Satisfied Customers: 10585
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

Resolved Question:

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?
Submitted: 2 years ago.
Category: Property Law
Expert:  Aston Lawyer replied 2 years ago.

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?
Expert:  Aston Lawyer replied 2 years ago.

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

Expert:  Aston Lawyer replied 2 years ago.

Hi,

Can I asssit you any further?

Kind Regards

Al