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11 March 2013

Changing repayment mortgage into a buy-to-let

I own a 2 bed House. I purchased it for 227K 5 yeras ago. I owe 187K on my current repayment mortgage. My first option was to see it and buy a 3 bed house and invest approx 50K from the sale of this house + 40K from savings for this new house. However I am now considering to rent out the current house I am living in to a Buy-to-let mortgage and use it as our future family best egg. And at the same time look to purchase our new home. Please can I have advise on if this is feasibile? How would I do this? My main concern is that if I am not selling my current home then I do not have the equity from the sale of my home (approx 50K) to go towards my next house. Is there some way I could release equity from my current home and still be able to afford our new home? Any advise & guidance would be appreciated.

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