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Mortgage Deal Ending - Release Equity
McFly
Posts: 3 Newbie
Hi all,
Our current mortgage deal ends Sept 2015, 3 yr fix at 4.95%.
We are with Nationwide so are aware of the option to switch deals early in June, providing we stay with them. Obviously im looking at getting a better deal than 4.95%. This was a 95% mortgage deal.
By the time the deal ends our outstanding Mortgage will be 224K with the house value (when purchased in 2012) at £250k. Our estimated house value is now £320K (SouthEast).
Would I be able to release any of the equity?, if so what would be the process? We have work which needs doing to the house, of which i've estimated to cost no more than 8K. It's essential works.
Thanks in advance
Our current mortgage deal ends Sept 2015, 3 yr fix at 4.95%.
We are with Nationwide so are aware of the option to switch deals early in June, providing we stay with them. Obviously im looking at getting a better deal than 4.95%. This was a 95% mortgage deal.
By the time the deal ends our outstanding Mortgage will be 224K with the house value (when purchased in 2012) at £250k. Our estimated house value is now £320K (SouthEast).
Would I be able to release any of the equity?, if so what would be the process? We have work which needs doing to the house, of which i've estimated to cost no more than 8K. It's essential works.
Thanks in advance
0
Comments
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You make an application for additional borrowing.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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The release of equity will be subject to a full application which will involve credit checks etc. So not just dependent on the property valuation.0
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