Looking at my first buy-to-let.....

[JCB123]

I'm looking at my first buy-to-let, but have no idea how it works.

Property is £85k, 3 Bed semi, worth (once tidied up) around £110k.

I have a house worth £185k with £75k equity, but not much cash to use as a deposit.

Can I use my equity without having to re-mortgage (I'm on a great rate), to set against a new BTL mortgage?

Rental should be around £550-650 per month.

Thanks in advance.....

[BoRED S2upid]

JCB123 said:

I have a house worth £185k with £75k equity, but not much cash to use as a deposit.

Can I use my equity without having to re-mortgage (I'm on a great rate), to set against a new BTL mortgage?

..

That's a question for your current mortgage provider to see if they will release equity. Your going to need 20pc minimum for the deposit on the btl.

[The Moose]

BoRED S2upid said:

JCB123 said:

I have a house worth £185k with £75k equity, but not much cash to use as a deposit.

Can I use my equity without having to re-mortgage (I'm on a great rate), to set against a new BTL mortgage?

..

That's a question for your current mortgage provider to see if they will release equity. Your going to need 20pc minimum for the deposit on the btl.

What sort of rate will 20% depo get you?