remortgage to raise finance ??

teatotaler

this is a question for any advisers out there.

what are my chances of raising a "chunk" of money form the equity in my house?

i now have a mortgage of £27600, i had the house valued recently by 3 local EA`s which came out around 175k..........how much would i be able to borrow on these figures??

please no "why would you want to do that" replies !!!!! as i`m just fishing for info at the moment :cool:

_Andy_

1) How much is you actually want to raise?
2) What's your income?

teatotaler

1) just wondering how much i can actually borrow
2)around 37k a year

cheers for the reply

_Andy_

Depends on your credit history and credit outgoings, but just over 4 x your income should be easily achievable.

teatotaler

cheers andy.......thanks for the input

beecher

_Andy_ wrote: »

Depends on your credit history and credit outgoings, but just over 4 x your income should be easily achievable.

Minus the outstanding mortgage of £27600? So £120,000 tops? LTV might be an issue by that stage depending on how realistic the estate agent's valuation is.

herbiesjp

Be wary of the valuations - the surevy a bank does will probably be lower in the current climate.

Also remember that the less you borrow, the more competitive the rate you will get - so 60% LTV is better than 75% LTV