We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
We're aware that some users are experiencing technical issues which the team are working to resolve. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Unlocking Equity for new property
Options
swany_99
Posts: 7 Forumite
Hello all,
I have had my property on the market for a while like many others and it is not gaining much interest and really not willing to lower the price i would rather wait until market picks back up (may be a while) but we need to move to a bigger house for the kids and their is no room for extension on existing property. My idea was to rent current home out to my brother but i need to unlock the equity in the home for my new house so my question to you all is how do i go about doing this??
I have had my property on the market for a while like many others and it is not gaining much interest and really not willing to lower the price i would rather wait until market picks back up (may be a while) but we need to move to a bigger house for the kids and their is no room for extension on existing property. My idea was to rent current home out to my brother but i need to unlock the equity in the home for my new house so my question to you all is how do i go about doing this??
0
Comments
-
How much equity do you have in your current property?0
-
around 30k0
-
Are you looking to release the £30k to provide the deposit on the new property?0
-
yes thats exactly what i want to achieve0
-
Two mortgages are not always better than one, most especially if you're thinking about mixing business with family or friends.
Could you afford to pay both mortgages if the worst should happen?0 -
yes thats exactly what i want to achieve
You would struggle to obtain both CTL permission from your existing lender at the same time as releasing equity.
I suspect that the withdrawl of equity would also make obtaining a BTL mortgage a no go as well. As your LTV would be outside allowable margins.0 -
ok thankyou for your info all0
-
Why do you call it unlocking equity when it appears that you actually want to borrow £30k?What goes around - comes around0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 350.7K Banking & Borrowing
- 253K Reduce Debt & Boost Income
- 453.4K Spending & Discounts
- 243.7K Work, Benefits & Business
- 598.4K Mortgages, Homes & Bills
- 176.8K Life & Family
- 256.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards