Hi all,
Due to my partner being in the military and posted in the south coast my London property is rented out on a residential mortgage with consent to let given. We have bought a second property in Hampshire and fully intend to return to the London property in a few years as he will be posted there. (At this point may rent out or sell the house).
I am planning to take some equity out of the London flat and was wondering if I would be able to do this with my existing mortgage (fully accept that the further borrowing could be on a higher rate, as I am on a very low standard variable rate right now) or I would need to convert it all to a BTL mortgage. If this was the case I'd need to look again at how much I could take out - I do not make any profit on the property whatsoever so I am not hit with a large tax bill.
Any advice gratefully received
Bettie
Due to my partner being in the military and posted in the south coast my London property is rented out on a residential mortgage with consent to let given. We have bought a second property in Hampshire and fully intend to return to the London property in a few years as he will be posted there. (At this point may rent out or sell the house).
I am planning to take some equity out of the London flat and was wondering if I would be able to do this with my existing mortgage (fully accept that the further borrowing could be on a higher rate, as I am on a very low standard variable rate right now) or I would need to convert it all to a BTL mortgage. If this was the case I'd need to look again at how much I could take out - I do not make any profit on the property whatsoever so I am not hit with a large tax bill.
Any advice gratefully received
Bettie
