Remortgage a buy to let to release equity
By borrowing more against your buy to let property, you can release funds for almost any legal purpose, including property improvements, purchase of new properties, debt consolidation and personal use.
Buy to let equity release for property improvements
Many lenders will allow you to raise capital to perform remedial works such as renovations and repairs on the security (the property from which you are releasing funds). Some may allow you to raise capital in order to renovate or repair other properties.
Release equity for buy to let purchases
You can release capital from an existing property in order to fund further investment purchases or raise deposits for new acquisitions.
‘Recycling deposits’ in this way is a popular method of expanding your portfolio, and if done correctly can help you make more money from buy to let.
Debt consolidation BTL mortgages allow you to repay some or all of your existing debts using the capital released from your property, replacing your existing repayments with a single monthly mortgage repayment.
The single mortgage payment may be cheaper and more manageable than your other debts; however, as a mortgage is usually a long-term debt, you may pay more in the long run.
Think carefully before securing further debts against your property. Your property may be repossessed if you do not keep up repayments on your mortgage.
Raise capital for personal use
Between all lenders’ criteria, you can release funds from your buy to let property for almost any legal purpose. Lenders commonly exclude the following:
- Business purposes
- Gambling debts
However, there are exceptions to every rule and even if you wish to raise capital for these purposes, we may be able to help you.
For a full assessment of your circumstances and discussion about the remortgage products on offer, apply now for a mortgage or call us on either of the numbers above.