Using equity I have in my BTL property to buy another BTL property

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S
Spindleken
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How can I utilise equity in an existing BTL property to cover the deposit on a new BTL purchase. The mortgage deal I have is currently only 2% so I don't want to switch mortgages and lose this rate. Can a second charge be put on it to cover the deposit. Current mortgage is 85% LTV, I have 40k equity over and above the 15% deposit I put down.

I'm looking for options, so I can purchase more properties as I dont have cash for the deposits.

Any advice would be appreicated.

18/08/2011 00:00

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