i would like to buy to let but only have propety in spain?

Question

my situation is that our money approx ( £30,000 ) is tied up overseas , does this mean i can use the equity from spain in england on a buy to let mortgage??
how do banks view property abroad as security

Answer 1

?? Most people I know with Property outside UK have a Mortgage on it , so plainly "yes" Banks & Building Societies do lend on foreign property ..

Most 'buy-to-let' strategies operates as follows :-
1) Increase Mortgage on existing property in order to raise funds for the Deposit on the buy-to-let property
2) get an 'Interest only' mortgage (typically max. 60% of the value, so you need a Deposit of 40% = see step 1) on the buy-to-let property
3) Let the property at a RENT that is GREATER than the Mortgage Payments and wait for it to go up in value
4) When the property value has increased, start again at 1.

WARNING - Property prices are no longer shooting up (and in fact some places they are going down) .. also in some areas the maximum RENT you can get is LESS than the mortgage payments .. so if you are not careful you will not be able to pay the Mortgages and could end up loosing everything ..

This is already happening in some areas - buy-to-let landlords are starting to sell up (so buy-to-let property prices are coming down BUT this is because there is no money to be made anymore).