Equity Release Plans for Let to Buy Mortgages
Equity Release Line
0808 156 2670
Equity Release Plans for Let to Buy Mortgages
There could be a number of situations when you need to move house quickly. Perhaps following a job relocation or if you have found your new home but haven’t yet managed to sell old one, or if you don’t want to be part of a property chain. The majority of people however rely on the equity in their home in order to buy the new one.
The easy way around this problem could be to re-mortgage your current home and release the equity to buy the new one. Your old home can then let to tenants to cover the increased mortgage costs. You then always have the option to sell the property further down the line.
More and more mortgage companies are now offering this type of deal at competitive rates. Many people want to move house but don’t always want to sell their current home, however, without access to the equity, few people can afford to buy a new home outright. This can make buying a new home far simpler without having to rely on the sale of your property in today’s market. This can however, be a risky strategy unless your property is already suitable for rental and you can find good tenants quickly. Maintenance and property management costs should always be taken into account.
To find out more about releasing the equity in your home to buy a new property, please complete an Equity Release Mortgage Enquiry Form and we will arrange for one of our advisers to contact you. Or you could call us on 0808 156 2670.
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