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Releasing quity to fund new home?
Jdeeney
Posts: 2 Newbie
Hi all,
So I live in a property which I inherited from my mother, officially inherited March this year but lived in for the past 9 years. There is no mortgage attached the property so I own the home outright, and it is me solely on the deeds.
The current situation is my partner is pregnant with our second child, and ideally we would like to move to a bigger home for obvious reasons. So, my question is, is it common/possible to remortgage or take out a secured loan or release equity to fund a good size deposit for a new home as we have little savings? We would be buying the home as a couple, but don't have a huge salary, around 25k combined at the moment. Our credit ratings are in the good - very good ranger for her, and (unfortunately, teen past still had a grip) below average but improving month to month for me.
All advice greatly appreciated, thanks all!
So I live in a property which I inherited from my mother, officially inherited March this year but lived in for the past 9 years. There is no mortgage attached the property so I own the home outright, and it is me solely on the deeds.
The current situation is my partner is pregnant with our second child, and ideally we would like to move to a bigger home for obvious reasons. So, my question is, is it common/possible to remortgage or take out a secured loan or release equity to fund a good size deposit for a new home as we have little savings? We would be buying the home as a couple, but don't have a huge salary, around 25k combined at the moment. Our credit ratings are in the good - very good ranger for her, and (unfortunately, teen past still had a grip) below average but improving month to month for me.
All advice greatly appreciated, thanks all!
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Comments
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A bit confused. Are you thinking about selling the current home, or keeping it and buying a second home?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 -
What are your plans for the existing property?0
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