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Re-mortgage question (currently mortgage free on main home)
kittykat
Posts: 81 Forumite
We paid off our mortgage a while back, have 2 x BTL mortgages
Now considering releasing equity from main home to help fund purchase of holiday home....
House valued at £750k and want to raise around £200k
Any advice gratefully received.
Now considering releasing equity from main home to help fund purchase of holiday home....
House valued at £750k and want to raise around £200k
Any advice gratefully received.
Now MORTGAGE FREE 
Mortgage at start of MFW Journey... £203,000
Paid in full March 2011 - onto the next venture now which is 2nd home in a sunnier place
Mortgage at start of MFW Journey... £203,000
Paid in full March 2011 - onto the next venture now which is 2nd home in a sunnier place
0
Comments
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Is your income sufficient, as unlike the BTLs, you won't have rental income to use to justify the borrowing?I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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kingstreet wrote: »Is your income sufficient, as unlike the BTLs, you won't have rental income to use to justify the borrowing?
Hi - yes income is more than sufficient (will probably pay off 200k in about 2-3 years)Now MORTGAGE FREE
Mortgage at start of MFW Journey... £203,000
Paid in full March 2011 - onto the next venture now which is 2nd home in a sunnier place0 -
Fine. Can't see any problem with doing that.
Pick a product with shortish repayment penalties to ensure you don't have to pay over the odds if you do pay it off in the short timescale you indicate you will.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Why not look at an offset over a longer term
100% offset in 2-3 years so costs nothing and keeps a line of credit open in case you come up with another project that needs easy cheap(ish) cash.0 -
That's what another broker said.... need to arrange this really fast as the property we want to buy has just come back onto the market at a dramatically reduced price.
Coverntry has been recommended?Now MORTGAGE FREE
Mortgage at start of MFW Journey... £203,000
Paid in full March 2011 - onto the next venture now which is 2nd home in a sunnier place0 -
Sig needs an update.
The advantage of setting up an offset now is that if this one falls through you are cahs ready for the next one.0 -
getmore4less wrote: »Sig needs an update.
The advantage of setting up an offset now is that if this one falls through you are cahs ready for the next one.
Sig does need an update - the more I look, the more an offset seems sensible.
Thank youNow MORTGAGE FREE
Mortgage at start of MFW Journey... £203,000
Paid in full March 2011 - onto the next venture now which is 2nd home in a sunnier place0
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