Too Soon To MEW for BTL ?

thequant

I've just completed on my house, and have just heard that one of the neighbours has sold their property for £70k more than what I paid.


Admittedly my is not in as good nick, but will only taken about £10k to get the same standard.


Will my mortgage company allow me to release some equity even though I've yet to make a mortgage payment ?


I have £20k spare cash, if I can release the £70k I have just made, then at a 75% LTV I can get another property for £360K.


Will the mortgage company think this is to soon ?

IveSeenTheLight

That depends on your mortgage product and lender.

I'm building a home and went back to ask for an increase after I hit some ground problems and needed additional excavation (initially I wanted to take as little as I could).

My lendor did not have a problem after reviewing the equity and risk.

You can always ask.

carslet

I know my mortgage company it was 6 months before they would allow anything like this, but they are all different

JimmyTheWig

The last I knew (14 years ago) it was 6 months after the valuation.
The whole purchase had taken ages, so 6 months after the valuation was only a couple of months after I moved in.

Thrugelmir

thequant wrote: »

Will my mortgage company allow me to release some equity even though I've yet to make a mortgage payment ?

What was it valued at?

Running_Horse

Who bumped this discussion from 2006?

JimmyTheWig

Running_Horse wrote: »

Who bumped this discussion from 2006?

The OP says it was started yesterday.

botchjob

It’s worth a try but sounds a bit soon to me. Lender valuations are always on the conservative side so you may find that the BTL numbers don’t add up as well as you need. We recently remortaged and the valuation was £100k less than we’re pretty sure we’d get for it (based on recent sales in the area) if we actually sold.

Conrad

As a general rule it's a bit soon, lenders tend to want 6 or 12 months payments in. Funnily enough I've just enquired with my own B2L lender about a top up on a place I completed on 6 months ago and they have agreed in principle. Money is so cheap that I want to take advantage all I can before rates rise.

Aberdeenangarse

As the OP seems to be wetting themselves every time the value of their House goes up, I'm surprised they have MEW'd and bought up half of London.:rotfl:

IveSeenTheLight

Aberdeenangarse wrote: »

As the OP seems to be wetting themselves every time the value of their House goes up, I'm surprised they have MEW'd and bought up half of London.:rotfl:

You're trying to mock the OP, but given the other post on London Property Millionaires, investing in London has proven to be very rewarding.