Equity loan against property
Discussion
scotal said:
car crazy said:
I have recently inherited a house worth £250K, I want to take a £40k loan out against the £250k equity to buy a car £25k and decorate house fit new bathroom etc. What is the best way of doing this. Thanks in advance.
A mortgage.YHM
car crazy said:
No mail recieved yet, is a mortgage not too long term. I aim to keep the house for about 8 years then sell it. I'm hoping the house might go up in value by £40k over 8 years so that i would get my money back.
I've got my copy. I guess it'll get there.You can set up the mortgage to suit you. Pick the right product, build in the right flexibility and you can "get out" of it any time.
scotal said:
car crazy said:
No mail recieved yet, is a mortgage not too long term. I aim to keep the house for about 8 years then sell it. I'm hoping the house might go up in value by £40k over 8 years so that i would get my money back.
I've got my copy. I guess it'll get there.You can set up the mortgage to suit you. Pick the right product, build in the right flexibility and you can "get out" of it any time.
My intention is to live in the house for about 8 years then sell it to retire overseas. thanks again.
F458 said:
Thats about a 9.87% return compounded over 47 years - take in account inflation and I don't know if that is a good return or not compared to stock markets/gold etc etc. You shouldn't have a problem borrowing against it though.
House was 2900 but they paid an extra 100 for central heatingF458 said:
Thats about a 9.87% return compounded over 47 years - take in account inflation and I don't know if that is a good return or not compared to stock markets/gold etc etc. You shouldn't have a problem borrowing against it though.
I doubt they bought it for investment potential.They may just, y'know, have bought it because they wanted somewhere to live...
DS3R said:
F458 said:
Thats about a 9.87% return compounded over 47 years - take in account inflation and I don't know if that is a good return or not compared to stock markets/gold etc etc. You shouldn't have a problem borrowing against it though.
I doubt they bought it for investment potential.They may just, y'know, have bought it because they wanted somewhere to live...
A lot of memories there car crazy - I always think about what I would do when mum and dad are no longer in the family home 
It also makes you think about property too, I mean that property has increased by about 83 times in 47 years. Therefore will a £250k place today be worth £21 million in another 47 years? Worth thinking about isn't it!! Amazing really.
It also makes you think about property too, I mean that property has increased by about 83 times in 47 years. Therefore will a £250k place today be worth £21 million in another 47 years? Worth thinking about isn't it!! Amazing really.
car crazy said:
I have recently inherited a house worth £250K, I want to take a £40k loan out against the £250k equity to buy a car £25k and decorate house fit new bathroom etc. What is the best way of doing this. Thanks in advance.
Speak to Graham at Mortgages he should be able to sort that out with no problem. Use the enquiry form on his site & he'll get back to you pretty sharpish.F458 said:
It also makes you think about property too, I mean that property has increased by about 83 times in 47 years. Therefore will a £250k place today be worth £21 million in another 47 years? Worth thinking about isn't it!! Amazing really.
Barking isn't it! Unless like me, circumstances dictated that you had to buy your current place at the height of the boom & would now be lucky to sell it to cover the mortgage. Ho hum. Not been as badly hit as many (Only a couple of £k of negative equity if at all to be honest) and as I keep saying, people always need places to live so doesn't really matter too much as I would've had to spend the money one way or another on rent or mortgage. Just a shame I didn't get a profit out of it!
Gassing Station | Finance | Top of Page | What's New | My Stuff