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Moving to 2nd home, high LTV help
Comments
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Hmm if i did this though i'd have zero deposit available for the next mortgage.
No point in parking negative equity in one pot and putting savings in another. Both are one and the same. As mortgage will need to be cleared in order to move.
Paying down the mortgage will make you more money in the longer term.0 -
Hi Marcus,
I would be speaking proactively with Crest. See if they would let you rent out the property (some developments have an issue with this) or alternatively if they would let you convert the 15% to a loan.
It is effectively unsecured anyway as Halifax have the first charge.
You can then use savings to fund deposit for new place. There are 95% Loan To Value products out there, although the 90% ones are more readily available.
I wish you wellI am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0
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