Remortgage Question

[mickeyg]

If a person has built up substantial free equity in a buy to let property and wanted to release some of that equity via a remortgage how flexible are mortgage providers in relation to what that remortgage might be for or do they bother querying what it's for provided the LTV after the remortgage is still reasonable.

 

[ClubMan]

Most lenders will be more interested in your ability to service the topped up loan than in what the money is used for. Bear in mind that interest on the topup only qualifies for owner occupier mortgage interest relief if used to purchase/renovate you home.

 

[euromortgage]

Banks will ask what the top up is for. However depending ion the amount you could say that you are upgrading the property with maybe a new kitchen, sunroom etc. They might ask for invoices but they won’t really press you on this if your income stacks up for the top up.