A question for the House owner

softmind82

I have a qucik question regarding mortgage and home owner ... well can i raise some money on behalf of my mortgage .....


Suppose mortgage value 200k and want to take 100k is it possible if yes then how ? and what does it call and who lend the money and all ...


I hope its not a stupid question.
Cheers.

seven-day-weekend

Do you mean if your house is valued at £200k, can you raise £100k on it?

If so, the answer is yes providing there is enough equity in the house (in other words there is £100k to 'spare' after any other mortgage that might be on it).

UK007BullDog

And what is your income? Your income has to cover your mortgage.

If you borrow on your own you could maybe get up to 4 x your income amount.

If your credit score is poor then you might not be able to borrow as much.

Talk to your bank or visit a broker and read the guides on this website.

Happy New Year!