Best way to release cash?

Landlord Discussion Property Investment
1

I have 2 properties mortgage free ,worth 50k and 60k respectively.
I am looking to free up 70k to buy a holiday home.
What would be the most cost effective way to release the cash?
I have never had a BTL mortgage before and naive as to the best ways to go about it?
I know that the Youtube Gurus do this all day long with other peoples money but how do normal folks do it? :smile:

2

Btl mortgage would be normal route although depends on circumstances. As it is a relatively small amount you would want a fee free mortgage. They will generally have a minimum mortgage amount of £40k so may be an issue for cheaper property. Most lenders will want you to have an income of £25k pa excluding property income. I use l&c mortgages which is a fee free online broker so you can put your details in and see what comes up.

3

Thanks Richard

Just competed their form!
It’s very comprehensive! :smile: