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Remortgage Question
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gravity
Posts: 5 Forumite
I currently have a property worth approx £120,000 and remaining mortgage to pay of £50,000.
Is is possible to remortgage the house to generate capital?
Can someone explain how this would work and how much capital i could raise?
From research I think i could get 80% of value which would be £96,000 but where does my equity fit into the equation?
Finally is it possible to use this new capital to pay back the new mortgage? (i.e. if i was unable to work for the next 3 years say - can I use that capital to pay the mortgate until i return to work?) I realizse this would not be cost efficient but just want to know if it is possible.
Is is possible to remortgage the house to generate capital?
Can someone explain how this would work and how much capital i could raise?
From research I think i could get 80% of value which would be £96,000 but where does my equity fit into the equation?
Finally is it possible to use this new capital to pay back the new mortgage? (i.e. if i was unable to work for the next 3 years say - can I use that capital to pay the mortgate until i return to work?) I realizse this would not be cost efficient but just want to know if it is possible.
0
Comments
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You want to increase your mortgage then not work for three years?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 -
Possibly yes but nothing definite yet - I have little choice and maybe able to work part time but i am just trying to work out if this is an option.0
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