10:22 AM, 10th March 2014, About 10 years ago 8
I have a couple of properties which I purchased a few years back using 70% LTV buy to let mortgages.
My plan was to remortgage to 75% LTV based on increased property values in order to release some funds to buy further properties.
I have seen a few products I was interested in but after speaking to the lenders I’ve been informed they would not release funds into my bank account for future use if I wanted to apply for mortgage greater than my current one . They will consider if the increased lending if I have another property lined up now to buy and LTV and increased valuations on existing properties stack up.
Has anyone experienced similar barriers in respect of remortgaging to release equity?
The only lender I can find currently that is flexible is BM Solutions, they don’t appear to tie you down to having another property secured now to buy before they will consider the increased lending.
Have I just been unfortunate with few lenders I have tried or is this common practice?
Any advice appreciated