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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-
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?
Probably worth checking with someone that works in the business, but my understanding is that a lender never has any interest in following up. Unless you specifically asked them to re-value (e.g. if you were looking to re-mortgage in the future, at a better LTV).
NotThamesWater
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...