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Buy to let mortgages

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  • Buy to let mortgages

    when purchasing a buy to let mortgage, can the initial deposit be offset by using the equity in a property you already own, ie remortgaging the house you live in, or do you have to find an alternative source?

    ie

    house value £80000
    outstanding mortgage £59000
    deposit in this house £12000

    so effectively i have £9000 of equity in this property. can i use this as a deposit on a btl house by remortgaging?

  • #2
    Re: Buy to let mortgages

    In relation to your purchase, you will need between 20-25% deposit if this is for a buy to let.

    You can try and raise some of this from your existing property but you will only be able to go to 75-80% of the property value meaning you can take out a max of £5,000. This may not be enough for what you need depending on your saving levels.

    If you require any more information, feel free to ask.
    Ascot Mortgages
    www.ascotmortgages.co.uk

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