Do you think this could work?
I have a one bed flat and would like to remortgage and take some money out (value after renovation is up about 25%). I will keep the same LTV and take out the excess cash.
After about 6-12mths, I would then apply to the bank to let out the flat (my bank allows on an annual basis) and then team up with my partner to buy a bigger flat using the equity taken out.
How will a new lender view the situation given the rent covers more that 1.25 the mortgage on the first flat and the original lender has agreed to a short let period.
The reason is to sell the first flat at a later date, possibly a year later as house prices stabilise and increase.
Why all this? well, I do not want to loose my first flat until my relationship has stayed the test of time.
I have a one bed flat and would like to remortgage and take some money out (value after renovation is up about 25%). I will keep the same LTV and take out the excess cash.
After about 6-12mths, I would then apply to the bank to let out the flat (my bank allows on an annual basis) and then team up with my partner to buy a bigger flat using the equity taken out.
How will a new lender view the situation given the rent covers more that 1.25 the mortgage on the first flat and the original lender has agreed to a short let period.
The reason is to sell the first flat at a later date, possibly a year later as house prices stabilise and increase.
Why all this? well, I do not want to loose my first flat until my relationship has stayed the test of time.