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Do I need a deposit for remortgage?
mingles
Posts: 12 Forumite
Apologies for silly question but I am really thick when it comes to finance.
If I remortgage my move with a valuation of 110,000 with a 64,000 mortgage will I need to provide a 10% deposit?
If I remortgage my move with a valuation of 110,000 with a 64,000 mortgage will I need to provide a 10% deposit?
0
Comments
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No. As you already own the property.
A deposit is required upon exchange of contracts when purchasing initially.0 -
Your deposit is the c £46,000 equity you have in the property.
If everything else (credit rating, income etc) is straightforward then at 58% LTV (hopefully staying under 60%) you should get a very attractive rate.
However, I'm not sure I understand the phrase "If I remortgage my move" ! move ?Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
Ah thats just me and typing - it was supposed to be home.
Thanks for your help.....0
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