BTL Advice

[PIM]

Hi Guys,
I own a btl property, would like to buy another. there is equity in the existing BTL - say £30k for ease of figures. Is there a lender who will look at 2 properties collectiveley when i look to remortgage? Or will i have to remortgage the first to raise the deposit on my next purchase?
assume both properties will be worth £280k ( at market value ) mortgage total will be £250k - hope this makes sense

Thanks in advance

P

[MarkD]

Generally speaking the maximum "Loan To Value" for "Buy To Let" mortgages is 85% therefore 85% of £280k gives a maximum loan of £238k.

Yes there are lenders who will borrow 85% LTV over your portfolio

Hope this helps...