Best way to release some equity?

MoneySpendingExpert888

I am looking to buy a particular property at an auction and decided to go against the mortgage route as the timescale would take too long and many probably wouldn't lend the money for an auction property.

The quickest way I have realized would be to take some equity out of the home that I live in. At the moment we have about 30% equity and I would only be looking to take out about 10-15% of that in order to buy the new property outright.

Which would be the best financial route in order to release this amount of money? Thanks

Thrugelmir

You may find your existing lender unwilling to release equity at this level and for the purpose you intend. Still leaves you the problems of finding additional finance for the second mortgage.

MoneySpendingExpert888

Yes I thought that might have been the case. at the moment I actually have enough money to buy it at guide price £40,000 but its going to go for alot more than that so my budget was about 60% on top of the guide price which is roughly about £65-70,000.

If i take a mortgage I would have to get it valued and the lender would have to send out someone to value it, inspect it etc which most likely wouldnt be possible as it is vacant and the agents are only holding block viewings every few days.

Would it be better if i took out a personal loan instead? I know it costs slightly more but considering there doesnt seem to be many other options? thanks for any advice