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Equity/remortgage/capital - freeing up money
iwbus
Posts: 147 Forumite
I have a flat purchased at 39,000 several years ago with an almost 100% mortgage
Mortgage is now around 30,000 and flat was valued at 115,000 the other month
Is there a way to release they equity (is that the word?) which is the money the value has gone up? I make that 115,000-30,000 = 85,000?????
Mortgage is now around 30,000 and flat was valued at 115,000 the other month
Is there a way to release they equity (is that the word?) which is the money the value has gone up? I make that 115,000-30,000 = 85,000?????
Snatching defeat from the jaws of victory
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Comments
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Yes, it's called a remortgage.
What is your income?
JoeKI am an Independent Financial Adviser.Anything posted on this forum is for discussion purposes only. It should not be considered financial advice. Different people have different needs and what is right for one person may be different for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation.0 -
16327 last year
I don't understand how it works though it you can explain!Snatching defeat from the jaws of victory0 -
16327 last year
I don't understand how it works though it you can explain!
A lender will normally allow you to borrow a factor x income.
The normal calculation is 3.5 x
Based on your present income this would be as follows £16,327 x 3.5 = £57,145
Some lenders will offer 5 x £16,327 = £81,635
Less any existing debts.
JoeKI am an Independent Financial Adviser.Anything posted on this forum is for discussion purposes only. It should not be considered financial advice. Different people have different needs and what is right for one person may be different for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation.0 -
So I have to remortgage to get at the 85k that I've made?Snatching defeat from the jaws of victory0
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That's it.
What is the money for?
JoeKI am an Independent Financial Adviser.Anything posted on this forum is for discussion purposes only. It should not be considered financial advice. Different people have different needs and what is right for one person may be different for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation.0 -
A business idea, just something I've thrown about todaySnatching defeat from the jaws of victory0
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A business idea, just something I've thrown about today
Only certain lenders will lend for this purpose.
You will need professional help.
JoeKI am an Independent Financial Adviser.Anything posted on this forum is for discussion purposes only. It should not be considered financial advice. Different people have different needs and what is right for one person may be different for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation.0 -
!!!!!!!!!!!!!!!!!
So I can't just go to a broker and say "I wanna remortgage my flat" and they'll do it, I actually have to give a reason? How accurate does the reason have to be?
By professional help, I meant a whole of market mortgage broker.
Some lenders will often restrict the maximum amount of money that they will lend for business purposes whilst others will not lend on this at all.
JoeKI am an Independent Financial Adviser.Anything posted on this forum is for discussion purposes only. It should not be considered financial advice. Different people have different needs and what is right for one person may be different for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation.0 -
So I have to tell them why I want the extra money?Snatching defeat from the jaws of victory0
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