remort, how much will they allow?

snickpan

I have a lot of equity, and would like to access some, I'm with Bank of Scotland, my loan is £180,000, property value is £500000. It's an LTV of about 37%, will they let me have £100,000?

libf

Over what term? How old are you? What is your income? Are you in a fixed period? What do you want the money for?

Not enough information.

Thrugelmir

For what purpose will determine the response of many lenders.

snickpan

over 20 years, I'm 48, earn enough, not in a fixed period, feels like I'm actually applying, just after a rough answer, I want it to flip a house with a mate, but realise it might be better to say car, holiday, extension.
I'd heard 60% of equity.

Contemptuous

snickpan wrote: »

over 20 years, I'm 48, earn enough, not in a fixed period, feels like I'm actually applying, just after a rough answer, I want it to flip a house with a mate, but realise it might be better to say car, holiday, extension.
I'd heard 60% of equity.

In that case, definitely :money:

snickpan

Wahoo! (subject to terms and conditions etcs)

libf

snickpan wrote: »

over 20 years, I'm 48, earn enough, not in a fixed period, feels like I'm actually applying, just after a rough answer, I want it to flip a house with a mate, but realise it might be better to say car, holiday, extension.
I'd heard 60% of equity.

Can't give an even remotely accurate answer without knowing things like how much you want to borrow relative to your income. And lying about the purpose is not a good idea. *shrugs*

Good luck.

Thrugelmir

snickpan wrote: »

feels like I'm actually applying, just after a rough answer,

On the basis that the borrowing is affordable. Depends on the lender.

kingstreet

This is additional borrowing, if you are going to ask your existing lender.

It's a remortgage if you are borrowing enough to repay the old mortgage as well.

The criteria for each is different.

Caz3121

snickpan wrote: »

earn enough

the lender would decide whether your income is "enough" for £280k borrowing you may be fine with a £70k income if you have no debt with some lenders, others may want a higher income, others may lend £280k with £60k income

snickpan

well, provisional chat with BoS on phone indicates £193,000, we'll see what happens when I eventually sit down with their Halifax person.
I was only after rough guides, or personal testimonial stories, no need for me to fill in date of birth and income on a forum!