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Using equity to purchase second home.
Hafoi_Bin_Ereafower
Posts: 8 Forumite
Have a property - worth about £500k. mortgage paid off some years ago. No other debt of any kind and have savings of £75k. Gross income of £25k pa.
Considering buying additional small property using equity in the house as security for loan - under £150k.
Considering my age late 60's what's the best way to go about this and are there banks/bldg societies that will lend against my equity without being too punitive on interest.
Is interest only an economic option and are such loans still available.
Considering buying additional small property using equity in the house as security for loan - under £150k.
Considering my age late 60's what's the best way to go about this and are there banks/bldg societies that will lend against my equity without being too punitive on interest.
Is interest only an economic option and are such loans still available.
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