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Mortgage collateral
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Svalbaard
Posts: 27 Forumite
Hi folks, the question below asked for a quick view, whilst I try find a decent IFA or property asset/wealth management advisor...
I have two properties, 1 is BTL with 50% equity, the other is my residential with 35% equity (and increasing). I'd quite like to use some of that latent equity for the deposit on another BTL property - but without necessarily refinancing.
So my question is, it is possible to use the equity as deposit "collateral" against another property (possibly via the same mortgage lender) rather than actually taking the deposit out of the equity via mortgage refinancing?
Either are possible options to me, just one seems emminently easier than the other.
Many thanks in advance.
I have two properties, 1 is BTL with 50% equity, the other is my residential with 35% equity (and increasing). I'd quite like to use some of that latent equity for the deposit on another BTL property - but without necessarily refinancing.
So my question is, it is possible to use the equity as deposit "collateral" against another property (possibly via the same mortgage lender) rather than actually taking the deposit out of the equity via mortgage refinancing?
Either are possible options to me, just one seems emminently easier than the other.
Many thanks in advance.
0
Comments
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No it is not.
Take it out to use it.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
I haven't seen such cross-charging facilities for some time now.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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