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Advice on getting equity out of house (but on interest only mortgage)
emlouwat
Posts: 24 Forumite
Hi-
hope some of you may be able to advise.
we currently have an Interest only mortgage (just until May next year)- house is worth approx 220k and mortgage is 184k.
Just discovered that I am 6 months pregnant- completely railroaded us- total surprise but obviously leaves us with very little time to 'get sorted' in terms of another pair of little feet in the house.
We moved in here last year and planned to do a room at a time up (a very old man lived here previously) most rooms are ok and liveable but the bathroom just has a large shower - not practical with a baby. So now we need to get the bathroom done asap and possible extend the smallest room over the garage.
Can we release some equity even though we are only currently on Interest only? Its not something I'm familiar with- I have had a look around on the internet and most companies want to have my number to 'chat'- I don't want to commit to anything, just find out if this is a possible solution before exploring all avenues?
any advice?
hope some of you may be able to advise.
we currently have an Interest only mortgage (just until May next year)- house is worth approx 220k and mortgage is 184k.
Just discovered that I am 6 months pregnant- completely railroaded us- total surprise but obviously leaves us with very little time to 'get sorted' in terms of another pair of little feet in the house.
We moved in here last year and planned to do a room at a time up (a very old man lived here previously) most rooms are ok and liveable but the bathroom just has a large shower - not practical with a baby. So now we need to get the bathroom done asap and possible extend the smallest room over the garage.
Can we release some equity even though we are only currently on Interest only? Its not something I'm familiar with- I have had a look around on the internet and most companies want to have my number to 'chat'- I don't want to commit to anything, just find out if this is a possible solution before exploring all avenues?
any advice?
0
Comments
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Doesn't appear you've much equity to release. The fact that you have an interest only mortgage doesn't help your cause either. Why's the mortgage interest only "just until May next"?0
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Thanks for the reply-
Re May next year. We have a loan (our only debt) that will be finished - so extra funds available .
I should have said in original post that although the mortgage is 'interest only' we do pay £120 extra on top a month to Mortgage company - been in this house a year.0 -
Can't you wash the baby in the kitchen sink?0
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Could do. For a while. Not practical long term though....0
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You do realise that people all over Europe and the world don't have baths? They wash their babies in the sink, in a baby bath or in the shower!
It looks like you've no choice than to muddle through, the last thing you want to be doing is borrowing more money with a new born when your finances are clearly so tight anyway.."You've been reading SOS when it's just your clock reading 5:05 "0 -
Just wondered how much you were thinking of spending, would have thought a basic bathroom could be done for a grand or a little more?
In which case it could be something to put on a low rate credit card and pay off over a year or two maybe.0 -
Buy a baby bath. A lot cheaper than a whole new bathroom....much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.0
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