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  • Buy-to-Let

    Buying a new residence, draw equity or not?

    I have two BTLs at the moment and an offer has been accepted on a flat I wish to puchase as my own residence, then I wish to rent my current residential home when I move out, I have two questions!

    1. Is it better to raise the money through acquiring another personal mortgage and or drawing on the equity from my BTLs, have heard there are advantages from doing the former?

    2. Is there anyway to reduce my higher 2nd property stamp duty burden?

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    I can't comment on the stamp duty, as far as I am aware this is just one of those things you have to pay if you are going to be able to invest and profit from property.

    I have helped a number of landlords to complete on a 'let to buy mortgage' of their existing home and on a new residential mortgage on a new property. How you finance this i.e. how much you take out from your current buy to lets and how much you raise on the let to buy and new residential property will often depend on the interest rates available, the rents you will achieve, income you can evidence and the amount of lending you can access on each of these properties. Borrow more on the lower interest rate would be my recommendation, if that is possible depending on your personal circumstances. I'm happy to help you run through the scenarios - you can call me on 07581794922 or direct message

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    Jenny Reeves

    Property Tribes Financial services

    You can contact me via Direct Message, or 07581 794922 or call the team on 01206 654444 for personalised quote and advice