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Remortgage options
moneyboy_2
Posts: 3 Newbie
Hello,
I own a house in need of repair with a UCB mortgage of around £24500 that I've had for a few years. I'm no longer self employed, I'm employed so I want to change to a better provider.
I'm thinking of doing a Phd so I'm leaning towards a fixed rate for 2-3 years. I also want around £12000 to pay for necessary renovations, so I'd be looking for a mortgage of about £37000. My current income is £21500. What's the best product based on my situation?
Another question I've come up with is how much extra capital could I raise against the value of my house since I'm now earning the aforementioned wage and I only have £24500 outstanding on my house? I had it valued at £65000 in its current condition, £90000 at normal standard of renovation by 3 different estate agents. Would it be possible to raise cash by remortgaging to finance my renovations and provide a deposit for a buy to let on another similar property?
Cheers,
Chris
I own a house in need of repair with a UCB mortgage of around £24500 that I've had for a few years. I'm no longer self employed, I'm employed so I want to change to a better provider.
I'm thinking of doing a Phd so I'm leaning towards a fixed rate for 2-3 years. I also want around £12000 to pay for necessary renovations, so I'd be looking for a mortgage of about £37000. My current income is £21500. What's the best product based on my situation?
Another question I've come up with is how much extra capital could I raise against the value of my house since I'm now earning the aforementioned wage and I only have £24500 outstanding on my house? I had it valued at £65000 in its current condition, £90000 at normal standard of renovation by 3 different estate agents. Would it be possible to raise cash by remortgaging to finance my renovations and provide a deposit for a buy to let on another similar property?
Cheers,
Chris
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