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  • FIRST POST
    • tk1011
    • By tk1011 30th Nov 17, 12:25 PM
    • 2Posts
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    tk1011
    Equity release or no?
    • #1
    • 30th Nov 17, 12:25 PM
    Equity release or no? 30th Nov 17 at 12:25 PM
    Morning all,

    Looking for some advice. I've got a residential mortgage with a 'permission to let' on it. I moved in with my partner but now looking to remortgage it to a Buy-to-Let and keep it that way for the long term. If I remortgage now I'll have to pay a 3% early repayment fee which equates to about 3K

    But technically I don't really need the money just yet so I was going to just put it in an ISA or bond for a year.

    Is it worth taking the equity out now to secure a lower interest rate or wait a year to get off the 3.2% fixed I'm on I'm but save myself from paying the early repayment fee?
Page 1
    • YHM
    • By YHM 30th Nov 17, 1:42 PM
    • 303 Posts
    • 98 Thanks
    YHM
    • #2
    • 30th Nov 17, 1:42 PM
    • #2
    • 30th Nov 17, 1:42 PM
    If you don't need the money then don't do it. Doubtful you will recover the 3k outfall on the ERC in that time.
    I am a Mortgage Broker.

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice
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