Buying new property by raising money on property owned outright.
Published 16th August 2017
Buying new property by raising money on property owned outright. Then letting out. Best way to do this. Thanks. Joan
Hi Joan, thanks for getting in touch. It’s not clear from your enquiry exactly which house you’d be letting out (the new one or your existing one), but it is certainly possible either way. In terms of raising the money on your existing property to then let it out, and buying a new property to live in (this is known as a let to buy) – it’s certainly feasible and something we do quite a lot of in at the moment being as many people are looking at investment properties. If you’d be buying a new property to let out and staying in your current place then it would be a standard buy to let and a slightly different process, but equally as doable.
It would depend on your personal circumstances and the property values/expected rental income, but assuming you’re eligible, not a problem. If you had no cash for deposit, then you’d basically remortgage your existing property for the deposit for the new purchase and then have a mortgage on each – one of our consultants would work out the cheapest and best way to do this to suit your requirements.
– This is a basic outline of the process, but of course, in order to give you any real advice I’d need to know more about your circumstances…
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