Is it possible to unlock equity from my house?
Discussion
I hope this isn't too confusing but I bought my house a couple years ago for £105k (£95k mortgage). I've recently had it valued after renovation at £140k. Is there anything I can do to unlock that money without selling?
Is it just a case of re-mortgaging?
Another question to add which I've been thinking about. I see the best mortgage deals are 65% LTV which I would now fall under. Is this something I could do for lower payments?
Is it just a case of re-mortgaging?
Another question to add which I've been thinking about. I see the best mortgage deals are 65% LTV which I would now fall under. Is this something I could do for lower payments?
Edited by acealfa on Thursday 19th October 15:01
acealfa said:
I hope this isn't too confusing but I bought my house a couple years ago for £105k (£95k mortgage). I've recently had it valued after renovation at £140k. Is there anything I can do to unlock that money without selling?
Is it just a case of re-mortgaging?
Yes.Is it just a case of re-mortgaging?
Going to a £120k mortgage would be about 85% LTV, so not approaching the riskier, higher-interest, high LTVs, and free £25k cash. You'll pay back about £35k over the life of the mortgage to get it, though, more if/when rates rise...
Years ago, I had a customer looking to raise some funds for some home improvements.
Little did I know that the home improvements were creating a side extension for a 'massage parlour' . The woman was in her late 50's too. Only found out when the house was repossessed a few years later
Little did I know that the home improvements were creating a side extension for a 'massage parlour' . The woman was in her late 50's too. Only found out when the house was repossessed a few years later
Alex said:
I also need to remortgage to raise some cash. Do you have to pretend the money is for home improvements or something or don't they ask?
That’d be mortgage fraud. You may well get away with it, but if you don’t, it’s a CIFAS marker, and no mainstream credit for a good few years.acealfa said:
I hope this isn't too confusing but I bought my house a couple years ago for £105k (£95k mortgage). I've recently had it valued after renovation at £140k. Is there anything I can do to unlock that money without selling?
...
Take a look at this thread for some discussion on just this topic: https://www.pistonheads.com/gassing/topic.asp?h=0&......
Edited by acealfa on Thursday 19th October 15:01
My mortgage company provides equity release for home improvements for the term of the mortgage, but for none home improvements the release has to be repaid at a maximum 10 year term.
Be honest about what its for and they will be honest about whether or not they will lend you the money - and how much it'll cost you.
Be honest about what its for and they will be honest about whether or not they will lend you the money - and how much it'll cost you.
Gassing Station | Finance | Top of Page | What's New | My Stuff