Release equity for another mortgage?

Tink123

Can anyone answer my question? Basically we currently have a mortgage on a property but we have seen a house going to auction at the end of the month that is amazing! Our house isn't in on the market yet..............problem!

I know at auction you need 10% on the day and the rest with 28 days (which we don't have). What are our options, or are there any options?? i.e Can mr husband sign our house into my name, release the equity then apply for a mortage by himself?

I'm guessing its not that easy?!

dimbo61

It is possible if you have say a mortgage of £10,000 on a property worth £300,000 and want to borrow up to 60% of the equity in your home !!!
Provided you also have the income to support the new mortgage
So whats your home worth and how much mortgage do you still have
Call your lender and see what they say.

Mrs_Bumble

If you raise the 10% by some means how are you going to ensure that you complete within 28 days?

If your house isn't on the market?

You can request that your mortgage is transferred into your name and the lender may allow it if your income covers the mortgage balance, but this will entail applying to them, paying a fee and then solicitors fees to amend the title deeds if permission is given?

How do you intend to raise funds to complete on the property at auction?

I would think very, very carefully before jumping headlong into something that hasn't been thought through carefully.

Tink123

Yeah its virtually impossible! We could just about get the 10% deposit but then we're stuck. The easy answer would be to put our house on the market, wait for a buyer and move into rented accommodation with our available funds...........by then this house would be gone!

We have a £170k mort and our property is worth £250k. I only work 16 hr wk for my husbands business so theres no way anyone will give me a mortgage on my own!

Ah well guess its not meant to be ; /