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Has anyone any experience of remortgaging and renting their current home in order to buy elsewhere using the equity as a deposit on new place?
Some lenders don't like you doing this, and your mortgage broker might recommend that your remortgage reason is stated as improvements.
Your current lender may also instantly add on 1% for a let-to-buy mortgage. And then on top of that, interest only mortgage (because your yield on a capital repayment mortgage will be buttons) rates tend to be higher.
This is not financial advice etc...
NotThamesWater-
Nationwide did actually mention this when I asked them so we'd likely look to remortgage with a dedicated BTL lender and release equity at that point.
If you explained the release as funds for improvement would the bank not be wanting to revalue the property after works and then notice you didn't improve the property?
scotts
Has anyone any experience of remortgaging and renting their current home in order to buy elsewhere using the equity as a deposit on new place?
Getting a bit peeved with the same feedback from viewers on ours saying the parking/footpath situation puts them off (the house was built pre cars and is on a narrow footpath about 30m from street parking) as all of this information is available on Google/Maps and in the meantime the places we're viewing are being sold.