Hello,

Thank you very much for your reply.

I will take your advice and look into this. I may have to wait a few months for BTL mortgages to become a bit more favourable though.

Your father should be able to release equity on his unencumbered property, by taking out a Buy to Let mortgage. Do some research on the Internet and go and talk to either your Bank or a broker (brokers may charge a fee for their services) and from information provided, decide which lender you want to go with. There are not that many lenders in the buy to let market now, so choice will be not be vast. There are likely to be some hefty fees and the maximum Loan to value will vary. Look carefully at the rates on offer, fees payable, tie in periods and what happens when your current rate expires. Most lenders have a criteria to fulfil, ie they mayrestrict the amount you can borrow, as usually the rent you can expect to achieve has to be 120% of an interest only payment at the chosen buy to let interest rate.

Hello All,

Please can someone give me some advice.

My father owns a mortgage free BTL property which is rented.

We would like to remortgage that property (which was valued at £220,000 a year ago but is undoubtedly less now) for between £100-150,000 to free up some money for a deposit so that I can buy a new property for me and my wife to live in. I would then pay my mortgage and also the 'new' monthly payments on my father's property.

What is the best way to go about trying to free up this cash please?

Thank you for your time.