Remortgage an owned home twice in close succession

98072229

Hi all

I own my home outright and we're looking to move at some point in the next 12 months. However, I need to raise 80k using the equity in the home in the short term. This appears to be possible through a remortgage but if I want to remortgage again within the 'fixed term' will I be left out of pocket?

I'd like to avoid remorgaging the full amount early as I won't be sure how much to borrow, and I'll be losing money with it not being invested. Any thoughts on the best approach?

Thanks

John

cathh70

Don't get a 'fixed term' mortgage, then there will not be penalties.

Thrugelmir

The proposed use of the funds will be of interest to the lender.

nexus7

Consider taking the full whack now with an offset mortgage, but leaving the funds in the account until you're ready to move.

The only slight issue is that the lender may not like you moving out so quickly after taking out a mortgage on the place and depending what you do with the original house you may need to get a different mortgage e.g. "buy to let" or "let to buy" from another lender but you could probably move the offset to the new place.

kingstreet

98072229 wrote: »

we're looking to move at some point in the next 12 months. However, I need to raise 80k using the equity in the home in the short term. This appears to be possible through a remortgage but if I want to remortgage again within the 'fixed term' will I be left out of pocket?

I'm not quite sure I understand.

Are you planning two remortgages then a purchase, or a single remortgage followed by a purchase?