How soon can you remortgage

niknak79

Hi its my first post here!

I was wondering if anyone knows how soon you can remortgage if you can get a mortgage with no strings! we are buying out property for 30000 or more less than it is worth. we need to get money together for a 15%deposit because we are self employed.

what i was wondering is if we remortgage after 6 months can we either borrow some money aginst the house say 10000 for new windows ect... or remortgage and get a better rate as we will then have over 25% (£75000) equity.

Is this possible or is there some rule that says you can not do this!

Any advice or ideas would be very much appreciated - we are trying to scrape toghether the extra money for the deposit at the moment so being able to take some money back out would really help!

niknak79

btw sorry for the spelling and punctuation!!!!

Thrugelmir

Seems a daft question but why is the property so cheap?

niknak79

we have been renting and we have come to an agreement for a quick sale

Pee

You can, but the valuer for the mortgage company will need to know the price you paid six months before and so may not increase the value as much as you would like.

Thrugelmir

niknak79 wrote: »

we have been renting and we have come to an agreement for a quick sale

£30,000 off what the property is "worth" sounds suspicous to me.....

Particularly as it doesn't seem to be of a particularly high price.