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Second home mortgage
ecclesto
Posts: 272 Forumite
I have a house which I rent out and am hoping to buy a second home for me to live in. In approx 2 years my first home will be sold to pay off my second home. I have approx £170,000 equity in my first home which I wish to borrow against and take out an interest only mortgage. I can raise £80,000 against my wage, again on an interest only mortgage so am looking to borrow around £90,000 against the equity. Any ideas as to a good rate, bearing in mind I will probably pay off my second mortgage with the proceeds of my first house sale.
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