Situation:
- Some BTL experience (2 properties let for the last 3/4 years)
- My own property is worth £700k
- Currently borrowing £300k
- No longer possible to obtain interest only mortgages due to rule changes
- But I can get a BTL mortgage on my own property, up to £500k
- Which would release £200k to invest in additional BTL properties
Hypothetically speaking, does it make any sense to release equity like this? I.e. continuing to live in the house which would now be on a BTL mortgage.
- Some BTL experience (2 properties let for the last 3/4 years)
- My own property is worth £700k
- Currently borrowing £300k
- No longer possible to obtain interest only mortgages due to rule changes
- But I can get a BTL mortgage on my own property, up to £500k
- Which would release £200k to invest in additional BTL properties
Hypothetically speaking, does it make any sense to release equity like this? I.e. continuing to live in the house which would now be on a BTL mortgage.