Great site! I’m a “small-time” landlord that owns a total of 3 properties – 2 rental flats and my own home – and I’m currently looking to grow my business further.
I have one small problem: access to capital!
I currently have about 30k sitting in my own home, 10k sitting in one flat and 22k sitting in the other flat – total property portfolio is worth around £350k.
I’ve tried to remortgage to release equity but due to the market in Scotland being slow to improve, the numbers aren’t adding up and no equity can be released at this present time.
The question: is there a way of borrowing capital (with the sole intention to buy more properties) but using my current assets (equity & property) as a guarantee?
I see it as this: “Hi, I have 60k worth of equity and 350k worth of property, I’d like to borrow some money against what I’ve got to buy more BTL over the next 5-10 years, is this feasible?”
Any help, pointers and advice is more than welcome!