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ReMortgage or keep cash
Stewart_McKay
Posts: 1 Newbie
Hi All,
thought i'd look here for some thoughts/advice on remortgage.
I'm looking to downsize soon and using equity against my current property should be pretty quids in. I should only need to take out a small(ish) mortgage but thought it might be good idea to port my current mortgage and would then be able to keep surplus cash.
In doing this however obviously my existing mortgage would be same monthly payment rather than getting a new deal and a new lower monthly payment however i'd have loads of readies in the bank.
Going forward I can use this to consider redcuing my existing mortgage and also to use for spending. (i know the risk is it would be too easy to spend!).
Anyone have any serious thoughts or experiences of this or any preferable advice.
thought i'd look here for some thoughts/advice on remortgage.
I'm looking to downsize soon and using equity against my current property should be pretty quids in. I should only need to take out a small(ish) mortgage but thought it might be good idea to port my current mortgage and would then be able to keep surplus cash.
In doing this however obviously my existing mortgage would be same monthly payment rather than getting a new deal and a new lower monthly payment however i'd have loads of readies in the bank.
Going forward I can use this to consider redcuing my existing mortgage and also to use for spending. (i know the risk is it would be too easy to spend!).
Anyone have any serious thoughts or experiences of this or any preferable advice.
0
Comments
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If you downsize and retain the same mortgage. Then the lender may possibly decline the application on the basis of the new LTV.0
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