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How much value can I remortgage out of a house?

uk_messer
uk_messer Posts: 224 Forumite
in Mortgages & endowments
Hi All,

Basic question. I'm looking to buy another property while retaining my current home. My current place is all paid for. What percentage of the market value of my home can I get out of a lender?

Thanks. :-)

Comments

  • hcb42
    hcb42 Posts: 5,962 Forumite
    up to 90%...in theory.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    You will need a 25% cash deposit to fund the purchase of another property.
  • HappyMJ
    HappyMJ Posts: 21,115 Forumite
    10,000 Posts Combo Breaker
    Thrugelmir wrote: »
    You will need a 25% cash deposit to fund the purchase of another property.
    Which can be obtained by mortgaging the property that you live in as long as it is declared. Usually remortgage up to 75% but possible up to 90% but at an interest rate penalty which would make an investment non profitable.
    :footie:
    :p Regular savers earn 6% interest (HSBC, First Direct, M&S) :p Loans cost 2.9% per year (Nationwide) = FREE money. :p
  • uk_messer
    uk_messer Posts: 224 Forumite
    Thanks all. I called up 4 mortgage advisors and all but one had answering machines with a default answer machine message. The one person that did answer said the advisor wasn't in and took my details. None have returned my call.
    Are they all too busy making loads of money?
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