Property Let with great tenants, how to access equity without selling?

Discussion in 'Buy-to-Let Property Investment' started by Adamburton99, Aug 18, 2017.

  1. Adamburton99

    Adamburton99 New Member

    Hello all,

    This is my first post on here- thank you in advance for your assistance!

    I have an apartment valued at £275k with a £117k outstanding mortgage. It is successfully let to great tenants. Considering the current value I'm looking to sell to release the equity as the % margin is now rather lower than other investment options outside of the property market. Does anyone have suggestions on how to keep this property 'Let as is' however, removing around 80-100k (cash) equity from the current value (extending the mortgage). Are there any lenders who might offer such services?

    Thanks again to everyone for their input- ALL suggestions a VERY welcome.

    Kind regards,

  2. Nicholas Wallwork

    Nicholas Wallwork Editor-in-Chief Staff Member Premium Member

    Hi Adam,

    So if your valuation is realistic (and subject to a lenders valuation) then you're at 42% LTV (loan to value). Some buy to let (BTL) lenders will offer upto 70% LTV subject to interest coverage, valuation and personal credit checks etc

    I'm sure a good IFA on here can help

    Sent from my iPhone using Property Forum
  3. Longterminvestor

    Longterminvestor Administrator

    I presume you have a mortgage which allows you to let to tenants?
  4. Adamburton99

    Adamburton99 New Member

    Thank you Nicolas!

    @ Longterminvestor: I do indeed. It is an expat buy to let mortgage of which required 40% deposit (60% LTV).

    Much appreciated,

  5. realdeals

    realdeals Active Member

    Be interested to hear how you get on and if finance is readily available - as it should be.
  6. Adamburton99

    Adamburton99 New Member

    Unfortunately nobody got back to me on herewith options- I thought something might have come up by now.

    I've not actively searched through online brokers etc however, a major high street bank has offered a 30% btl expat mortgage with equity release only if it is used as a deposit within another purchase.
  7. diyhelp

    diyhelp Active Member

    I am interested to learn the difference in mortgage terms for expats and UK residents.

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