Is it going to be possible for me to buy a property

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    Is it going to be possible for me to buy a property

    HI everyone,

    i currently own a property with a mortgage of £137k and market value £160k

    I would like to buy another property , is it possible to withdraw some of the equity from my current rented property and use this o buy another one? a

    and if so how might this be done, my current mortgage is with HSBC

    The first question I have is how on earth did you manage to get HSBC to grant you , based on the figures quoted, a Loan to Value in excess of 85% or was this your initial property for Homeownership and they subsequently granted a Consent to Let?

    The unfortunate fact is that in the current market place there are no lenders who would lend at higher levels and therefore your hope to release equity is a non starter: the last lender to grant 90% BtL mortgages was Mortgage Express and we all know what happened to them.


      so sorry to clarify market value approx £260k loan approx £137k ironically they did give me 85% LTV when i purchased but this was for home ownership. on a resi mortgage


        Hi Blinko
        What is your current residency given that your HSBC mortgaged property is Let?

        Given the equity which exists in your mortgaged property and depending on the level of rent you should not experience any problems in securing a Remortgage to fund the next purchase which I am assuming is to be another BtL, if however you are intending to purchase a property with the actual intention of occupying it them remember that such loans are assessed on your primary income , many lenders do not allow the inclusion of rental surplus where a mortgage is in place but a small number do allow it proving of course that you have fully disclosed the income on your tax return , if you haven’t then you will need to make peace with HMRC pay whatever monies including possible fines before undertaking the Remortgage and purchase process.


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