needafewbob
Registered User
- Messages
- 1
I have a rental property that is mortgage free and let to a family long term at good rent, and tenancy has run smoothly for several years. Value circa 300k.
My family and I live in our family home that has a mortgage circa 300k.
We need to put our hands on some cash at present for several reasons that are all happening at the same time (both cars need replacing, our own house needs considerable upgrades - windows - roof repair. We also need to fund 4 children in university).
Can we release 100k from the rental property by way of a morgage?
We don't want to sell the rental property, as going smoothly for some time, and don't need it's entire value. We don't want to re-mortgage our own family home (reason for this is complicated, but includes the fact that it's a tracker.....so don't want to disturb that........other part of the reason includes ill-health which could be barrier to getting a big mortgage).
Big question is:
Can we release 100k from the rental property?
My family and I live in our family home that has a mortgage circa 300k.
We need to put our hands on some cash at present for several reasons that are all happening at the same time (both cars need replacing, our own house needs considerable upgrades - windows - roof repair. We also need to fund 4 children in university).
Can we release 100k from the rental property by way of a morgage?
We don't want to sell the rental property, as going smoothly for some time, and don't need it's entire value. We don't want to re-mortgage our own family home (reason for this is complicated, but includes the fact that it's a tracker.....so don't want to disturb that........other part of the reason includes ill-health which could be barrier to getting a big mortgage).
Big question is:
Can we release 100k from the rental property?