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Equity release?
waynehayes
Posts: 427 Forumite
Hi. I'm just throwing ideas around in my head, so bear with me.
We're in the middle of hopefully moving house. Everything is fine with our mortgage and most of the solicitors work is done. But, our buyer still hasn't had his mortgage offer -it's been 9 weeks - and I'm worried it could all go pear shaped. I'd really hate for us to lose the house we are buying - it's perfect for us and a bargain price too. There is around £100k of equity in our house, is there a way to release this while we sell it?
We're in the middle of hopefully moving house. Everything is fine with our mortgage and most of the solicitors work is done. But, our buyer still hasn't had his mortgage offer -it's been 9 weeks - and I'm worried it could all go pear shaped. I'd really hate for us to lose the house we are buying - it's perfect for us and a bargain price too. There is around £100k of equity in our house, is there a way to release this while we sell it?
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Comments
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I'm sure there is.
You could remortgage it on to a buy to let.
BUT, they all have high redemption penalties in the early years these days, so if you still want to sell it in the short term, it could work out very expensive.I am a Mortgage adviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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