This is a hypothetical plan…
My partner and I currently own a property with no mortgage on. It is worth 325k. We have seen a new house that costs 400k.
Basically (or not, as the case may be!)We want to keep the current house… And remortgage it to free up capital for the new place, then just one of us (myself) would pay a cash deposit and mortgage the balance.
So breakdown would be:
400k for the house.
200k from buy to let remortgage
40k cash
Balance 160k on a solo mortgage.
We would let or current house as the rental income would easily pay for the remortgage payments.
Is this feasible? Partner and I both earn 35k a year, have no debt or credit cards…
Thanks in advance for any answers.
Read more: BTL / remortgage to free up capital?
