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Getting money out of my property (not an pensioner)
sillyme
Posts: 156 Forumite
Hi - my mortgage is worth around £255k. My property is now worth around £380k.
I am wondering if it's possible - for reasonable reasons (a lot of thought is going into this) - to release some of the equity in my property and raise circa £30k.
Is this even possible? Without selling the property? I am 41 and most of the 'release equity' stuff I can find on the internet is only about pensioners.
Can you help / advise?
I am wondering if it's possible - for reasonable reasons (a lot of thought is going into this) - to release some of the equity in my property and raise circa £30k.
Is this even possible? Without selling the property? I am 41 and most of the 'release equity' stuff I can find on the internet is only about pensioners.
Can you help / advise?
0
Comments
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If you pass the affordability checks and have a valid reason for the money then you can re-mortgage and pull some equity out."Dream World" by The B Sharps....describes a lot of the posts in the Loans and Mortgage sections !!!0
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As per the above a straight-forward remortgage is all you would be looking at, assuming your figures all tally.Thinking critically since 1996....0
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Additional borrowing from existing mortgage lender.
Secured loan on second charge basis from another lender on top of your mortgage.
Remortgage from a new lender to repay your existing mortgage and provide additional funds.
There are pros and cons for each, based on your circumstances. Speak to an independent broker for a comparison, based on yours.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, 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. Please do not send PMs asking for one-to-one-advice, or representation.0
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