Is this possible?

Thehighlander_2

Hi All,

I have a question here, I have a meeting with the Bank on Wednesday to discuss but I know someone on here can give me some more info on it:D

I took out a £128k Mortgauge in September 1st
I paid a £19k deposit

I have never missed a payment or anything like that but we are planning putting a new heating system in our house and would like to take about £8k or so out of our Mortgauge.

Do you know if this is possible?

I know there are other options loans, paying up the heating ect but I was just curious as I am due to get a large sum of money next year which I can put back into my Mortgauge to cover this.

I am in Scotland and bank with Bank of Scotland if this is helpful to your answer.

Thanks in advance

ACG

Its unlikely there will be enough equity in the house to allow you to do it... dont be surprised if they try to flog you a loan or a credit card to pay for it.

Thehighlander_2

Even tho we paid such a large deposit?

We only needed to put down £12k but decided to put down more.

Thanks

ACG

Although in monetary terms its a sizeable amount, in percentage terms you have put down 15%, so if you then borrow £8k, that reduces the equity in the house down to about 7-8% which is less than the minimum allowed.

Thehighlander_2

Ahhh I understand what you are saying.

Will see what they have to say on Wednesday. Thanks for the info :-0

somethingcorporate

Almost certainly NOT going to happen having got the mortgage so recently.

I assume you got an 85% or 90% mortgage, regardless, it is extremely unlikely you would be able to take out any equity.

Thehighlander_2

Its not to big a worry if not I just thought I would ask.