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Help with remortgage/releasing equity please
tattielashes
Posts: 6 Forumite
I am cross posting here following advice from somebody on the housebuying forum:
Firstly, let me apologise for my complete lack of knowledge in this area, i am clueless but trying to educate myself!
I have fallen in love with an old property which is one of 4 which is being completely refurbished by a firm of builders. i went to see the show house yesterday, and the asking price is £269,950.
I own a house which i have had recently valued at £95k, my outstanding mortgage on it being £25k.
I also have a rental property which has been valued at £75k which i have an outstanding mortgage of £10.5k on.
Ideally, i would like to keep both houses on as i already have a prospective tenant lined up for my current home (friend).
The only problem is that this means i won't have a deposit for new house, if i do decide to buy. Is it possible to raise this by way of releasing some of the equity i have in my 2 other properties?
also, any tips for negotiation in today's market? I have no idea what to do.
Have booked an appointment with an IFA but its not until next week.
Thank you in advance for reading.
Firstly, let me apologise for my complete lack of knowledge in this area, i am clueless but trying to educate myself!
I have fallen in love with an old property which is one of 4 which is being completely refurbished by a firm of builders. i went to see the show house yesterday, and the asking price is £269,950.
I own a house which i have had recently valued at £95k, my outstanding mortgage on it being £25k.
I also have a rental property which has been valued at £75k which i have an outstanding mortgage of £10.5k on.
Ideally, i would like to keep both houses on as i already have a prospective tenant lined up for my current home (friend).
The only problem is that this means i won't have a deposit for new house, if i do decide to buy. Is it possible to raise this by way of releasing some of the equity i have in my 2 other properties?
also, any tips for negotiation in today's market? I have no idea what to do.
Have booked an appointment with an IFA but its not until next week.
Thank you in advance for reading.
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