Standard loan against property, who is best lender?

[einsign]

Hypothetical question at the moment before making any decisions.

If we wanted to borrow some money using a second property as the security who would be the best lender to consider talking to. What rates could we expect to pay, who could act the quickest etc?

For example borrowing £80k against a house worth £140k with no mortgage to fund a new business venture.

Thanks.

[Sarnie]

Is the second property a rental property?

[einsign]

Sarnie said:

Is the second property a rental property?

Yes, worst case would even consider selling it but would rather not if possible.

[Sarnie]

Your going to need a BTL remortgage. It would probably take around 4 weeks.

It will be dictated by the rent you receive and also your income. Also, not all BTL lenders will allow capital raising for the reason you require.

[einsign]

Ok thanks, any suggestions on who the best suited lenders are?

[Sarnie]

einsign said:

Ok thanks, any suggestions on who the best suited lenders are?

It's not quite as simple as 'who is the best lender?'. The 'best' lender may not lend to you therefore it's quite difficult to just throw a lenders name out there. I'd need a full specific breakdown of your circumstances to be able to provide a solid recommendation.

Drop me a PM if you like?