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Can I use my existing house as collateral
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bretts
Posts: 470 Forumite
Hi
Just have a question, I bought a house and I have about X equity in that, I can not re mortgage it yet as still under 2 years fixed but will be out of it in june.
I have just seen another house which is about 300k and ideally would like to buy it but I only have 10 percent deposit, this is going to be a buy to let, if at all i was to buy it, is it possible that I can show my other house as collateral or no. I am not sure at all about this hence asking if anyone has any info on this please.
Basically I only have 10 percent deposit and not 20 I could stretch to 15% but that could be the max, so will the bank be able to lend me 85 to 90% on that house considering my other house has a huge equity to my name.
Just have a question, I bought a house and I have about X equity in that, I can not re mortgage it yet as still under 2 years fixed but will be out of it in june.
I have just seen another house which is about 300k and ideally would like to buy it but I only have 10 percent deposit, this is going to be a buy to let, if at all i was to buy it, is it possible that I can show my other house as collateral or no. I am not sure at all about this hence asking if anyone has any info on this please.
Basically I only have 10 percent deposit and not 20 I could stretch to 15% but that could be the max, so will the bank be able to lend me 85 to 90% on that house considering my other house has a huge equity to my name.
0
Comments
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No. There are currently no lenders offering such cross-charge facility on BTL business, AFAIK.
You may wish to ask your current lender for additional borrowing or consider a secured loan to borrow against your current property to raise additional deposit for the BTL.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 -
Hi Kingstreet
Thanks a lot, answers my question.0
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