user_5135

Registered with Property118.com
Saturday 22nd November 2014


Latest Comments

Total Number of Property118 Comments: 2

Lucy Amofah

20:59 PM, 23rd November 2014
About 6 years ago

Releasing equity from my home to start a BTL portfolio

I suppose I don't need to pay off the mortgage and I can borrow against the security of the property. What would be your suggestion on the best way to proceed, if you were in my position? I would be grateful for your advice.... Read More

Lucy Amofah

19:20 PM, 23rd November 2014
About 6 years ago

Releasing equity from my home to start a BTL portfolio

Hi Mark and Martin,

I can see why you say the strategy is illogical. Hopefully, further information may help explain my rational. I have actually acquired this property through the right to buy scheme as I live with tenant (and as the child of the tenant, have always lived at the property). However, there is a requirement to pay back part of the discount if a transaction occurs at the property within the first five years. This is why I am unable to remortgage now. I am paying off the mortgage and all other household costs, and am happ?y living at the property. I love the property and my area so will continue to live here for the foreseeable future and even if I move the (former) tenant will remain at the property. However, it seems like the sensible approach is to release equity from the property at some point (at least "sensible" from my perspective). Please let me know if you still think this strategy is illogical and/or believe there is a better way to approach this.

Thanks,... Read More