Hi
My partner owns his home outright and we are buying another home together. He wants to rent his house out and release around 40% of the equity in his home to pay towards the new house. His bank have said this is not possible. We thought that they would let him re-mortgage on a buy to let basis? Is there another way around this? We can get a mortgage on the new house but thought the buy to let idea was better as you are interest only and can offset the tax etc.
Thanks
My partner owns his home outright and we are buying another home together. He wants to rent his house out and release around 40% of the equity in his home to pay towards the new house. His bank have said this is not possible. We thought that they would let him re-mortgage on a buy to let basis? Is there another way around this? We can get a mortgage on the new house but thought the buy to let idea was better as you are interest only and can offset the tax etc.
Thanks