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Using Equity to buy new property? How does it work?
LiveOnce
Posts: 476 Forumite
Hi there,
Can anyone please explain or point me to something that explains how you can use equity to buy a new property?
I don't really understand so I ask.
Can anyone please explain or point me to something that explains how you can use equity to buy a new property?
I don't really understand so I ask.
0
Comments
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Do you mean you have equity in your current house, and you want to buy another house without selling your current house?
If so, you have to get a bigger mortgage on your current house.
Then you use the money from the mortgage to buy another house...
... or use the money you get from the mortgage as a deposit for another house.
Obviously, your bank has to be willing to give you a bigger mortgage on your current house (plus a mortgage on the new house, if you need one).0 -
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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