releasing equity & getting BTL mortgage

[poopscoop]

hello there,

I'm considering releasing some equity from my main residence to raise a deposit for a BTL. My property is worth £205k and i'm thinking of requesting £62500 for a deposit on a £350k property.

What is the best way to raise this? Is it a 'home loan/further loan' as I cannot remortgage as I'm tied in until March 2007. If I take the home loan/further loan route, will it count against me when I apply for a BTL mortgage?

Thanks

[parulmak]

There are many sites specially offering buy to let mortgages, so approach them and I dont think it will be a problem for you. Please visit: http://www.easy-buy-to-let-mortgages.co.uk

If u want I can tell you more other sites also.

Cheers :)

[jack-rice]

A mortgage (http://en.wikipedia.org/wiki/Mortage) is basically a loan (http://en.wikipedia.org/wiki/loan) specific to the real estate market (http://svcft.net). Typically, it covers 70-90% of the purchase price of a house or other property, with the penalty for non-payment being foreclosure (http://svcft.net/bad-credit-mortgage-refinance.html), or reversion of the property to the lender. They are available from most banks, credit (http://svcft.net/home-mortgage-refinance-loan.html) unions, portfolio lenders and some government agencies (http://svcft.net/refinance-mortgage-rate.html).

Mortgage loans (http://svcft.net/refinance-mortgage-loan.html) usually employ a 30-year repayment (or amortization) schedule. Payments are a changing combination of interest and principal, so that in the early years a payment mostly consists of interest on the outstanding principal balance (http://svcft.net/mortgage-refinance-california.html), but in later years the mix becomes much more heavily weighted toward paying the principal itself. There also is private mortgage (http://svcft.net/florida-refinance-mortgage.html) insurance to consider, which is required if less than 20% is put down on the house (http://svcft.net/house-mortgage-refinance.html). It has gotten easier to actually get rid of this extra payment (http://svcft.net/best-refinance-mortgage.html) as soon as possible.

Learning the administrative and legal aspects (http://svcft.net/map.html) of the loan process is essential for anyone considering a loan. A borrower should know what contracts and documents he or she will encounter (http://svcft.net/mortgage-refinance-calculator.html), and how to negotiate through the paperwork. Also, it is important to be aware of what fees may be assessed and how to minimize or eliminate them wherever possible.

more about loans (http://en.wikipedia.org/wiki/loans)

[tenant29]

hello there,

I'm considering releasing some equity from my main residence to raise a deposit for a BTL. My property is worth £205k and i'm thinking of requesting £62500 for a deposit on a £350k property.

What is the best way to raise this? Is it a 'home loan/further loan' as I cannot remortgage as I'm tied in until March 2007. If I take the home loan/further loan route, will it count against me when I apply for a BTL mortgage?

Thanks

Have you discussed your requirement with existing lender - they may offer some deal to work round the tie -in