Your Investment Property forum is the place for positive industry interaction and welcomes your professional and informed opinion.

Buying a second home - turning current home into Investment

Notify me of new replies via email
kylestar | 03 Aug 2016, 02:05 PM Agree 0
I have just purchased an apartment and will be renting out my current home.

Can I use the equity on my current home that I will to turn into an investment property to reduce the mortgage on my new home that will be my primary address?

Current home value is $750k with $355,000 in equity. I would like to use the equity to reduce my new mortgage of $800,000.

I suggested this with my mortgage broker who said it was illegal to use the investment property equity to reduce a primary address. However it is not yet an investment property, it is my home.

Thank you, I look forward to hearing your responses.
Post a reply