We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
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
0
Comments
-
YYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYY0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.1K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards