Funding - 3rd property option
Discussion
I have a family home that has a decent LTV worth about £800k with £200k mortgage ( fixed for 2 more years) has about 6 years left to pay.
Also own a second home (10 years ago - it’s not btl) I now own outright worth £200k my FIL lives in (and it’s his for life /the rest of his days). I purchased it so he could live near us / help with child care and he was living in a grotty council flat (on the same estate I was brought on before any folk give and humble brag comments please). So kind of made sense (as a long term investment / support for us). All was going well until last year when came to remortgage and rates panicked me to basically use ALL my savings to clear it off.
Now I have little savings but decentish income and we are looking at buying a little apartment as a weekend retreat for about £250k.
Does anyone have ideas/ options to raise money to do this I.e re-mortgage the £200k property. Wait a few years to save a 10-15% deposit.
Also own a second home (10 years ago - it’s not btl) I now own outright worth £200k my FIL lives in (and it’s his for life /the rest of his days). I purchased it so he could live near us / help with child care and he was living in a grotty council flat (on the same estate I was brought on before any folk give and humble brag comments please). So kind of made sense (as a long term investment / support for us). All was going well until last year when came to remortgage and rates panicked me to basically use ALL my savings to clear it off.
Now I have little savings but decentish income and we are looking at buying a little apartment as a weekend retreat for about £250k.
Does anyone have ideas/ options to raise money to do this I.e re-mortgage the £200k property. Wait a few years to save a 10-15% deposit.
GTIfarmer said:
I have a family home that has a decent LTV worth about £800k with £200k mortgage ( fixed for 2 more years) has about 6 years left to pay.
Also own a second home (10 years ago - it’s not btl) I now own outright worth £200k my FIL lives in (and it’s his for life /the rest of his days). I purchased it so he could live near us / help with child care and he was living in a grotty council flat (on the same estate I was brought on before any folk give and humble brag comments please). So kind of made sense (as a long term investment / support for us). All was going well until last year when came to remortgage and rates panicked me to basically use ALL my savings to clear it off.
Now I have little savings but decentish income and we are looking at buying a little apartment as a weekend retreat for about £250k.
Does anyone have ideas/ options to raise money to do this I.e re-mortgage the £200k property. Wait a few years to save a 10-15% deposit.
Take a further advance from your current residential mortgage lender......... Also own a second home (10 years ago - it’s not btl) I now own outright worth £200k my FIL lives in (and it’s his for life /the rest of his days). I purchased it so he could live near us / help with child care and he was living in a grotty council flat (on the same estate I was brought on before any folk give and humble brag comments please). So kind of made sense (as a long term investment / support for us). All was going well until last year when came to remortgage and rates panicked me to basically use ALL my savings to clear it off.
Now I have little savings but decentish income and we are looking at buying a little apartment as a weekend retreat for about £250k.
Does anyone have ideas/ options to raise money to do this I.e re-mortgage the £200k property. Wait a few years to save a 10-15% deposit.
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