Remortgaging

[HandsomeBob]

Hi all,

Quick question, I had a mortgage limit of £110k and purchased a property for £150,000 and put in the additional £40k cash. Could I effectively remortgage based on the value of the property (circa £150k) and pull out some of the equity?

Many thanks,
Bobski

[UpTheIron]

Why was the maximum you could borrow £110k?

Have those circumstances changed?

[Sarnie]

HandsomeBob said:

Hi all,

Quick question, I had a mortgage limit of £110k and purchased a property for £150,000 and put in the additional £40k cash. Could I effectively remortgage based on the value of the property (circa £150k) and pull out some of the equity?

Many thanks,
Bobski

Yes you could, up to 90% of the value of the property depending on the reason for the capital raising and being able to satisfy the remaining lending criteria, mainly affordability and credit score.

[HandsomeBob]

It was gf's mortgage allowance, I am self employed so cannot obtain a mortgage as yet however put the additional capital towards.

All the legal paperwork between myself and gf is covered before anyone asks.

Thanks