I have extra borrowing available on the offset mortgage for our family home that I'd like to use to help finance a buy-to-let property.
The money is available to me now with a phone call but I will need to provide the bank with the reason for needing the extra funds (usually home improvements etc.).
Simple question: Is financing the purchase of another property for buy-to-let a legitimate reason for the additional borrowing against my current property? i.e. Will the bank refuse to lend me the extra money for this purpose?
The money is available to me now with a phone call but I will need to provide the bank with the reason for needing the extra funds (usually home improvements etc.).
Simple question: Is financing the purchase of another property for buy-to-let a legitimate reason for the additional borrowing against my current property? i.e. Will the bank refuse to lend me the extra money for this purpose?