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Mortgaged maisonette with equity
HumptyDumpty
Posts: 17 Forumite
Hi,
2013 and a review of my finances. I've a maisonette that's been valued by estate agents and taking into account my outstanding balance on my mortgage the difference is £15,000.
Does anyone know of a way that I can release some of that money so I can clear my outstanding debt, enabling me to have more funds available each month and improving my finances overall. I'd also like to make some home improvements.
Is this feasible and if so, how or what do I have to do?
2013 and a review of my finances. I've a maisonette that's been valued by estate agents and taking into account my outstanding balance on my mortgage the difference is £15,000.
Does anyone know of a way that I can release some of that money so I can clear my outstanding debt, enabling me to have more funds available each month and improving my finances overall. I'd also like to make some home improvements.
Is this feasible and if so, how or what do I have to do?
0
Comments
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Impossible to know without having
1) mortgage balance
2) property value (and bear in mind the EA value will be overvalued so take with a pinch of salt)
Doesn't sound likely though from what you've stated0 -
The maximum loan to value on a capital raising remortgage is about 80% and it sounds like your existing mortgage is more than that.
AN estate agency valuation will be well above what a mortgage lender's surveyor sets as the value, so I guess your £15k equity is quite a bit less.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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