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Releasing equity for a mortgage deposit
SarEDA
Posts: 3 Newbie
I currently own my property outright, with no mortgage. My partner and I are going to be looking for a property to buy together, and I was wondering what my options were.
It is going to take me much longer than him to raise my half of the deposit, and I am not that willing to sell my current property as it is long term investment.
Is it possible to get a small mortgage on my current owned property to release some equity to use a deposit on a second property? I have seen a lot in terms of re-mortgaging, but as I do not, nor have I ever had, a mortgage on my current home, I don't know how that applies to me..and equity release seems to be very much age limited.
Any info would be much appreciated! Thanks
It is going to take me much longer than him to raise my half of the deposit, and I am not that willing to sell my current property as it is long term investment.
Is it possible to get a small mortgage on my current owned property to release some equity to use a deposit on a second property? I have seen a lot in terms of re-mortgaging, but as I do not, nor have I ever had, a mortgage on my current home, I don't know how that applies to me..and equity release seems to be very much age limited.
Any info would be much appreciated! Thanks
0
Comments
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Yes, you can, in all likelihood raise funds on your current home.
Are you aware of the extra stamp duty land tax costs if you keep your current home as an investment?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 -
It's a remortgage of an unencumbered property if you want the technical tag.I currently own my property outright, with no mortgage. My partner and I are going to be looking for a property to buy together, and I was wondering what my options were.
It is going to take me much longer than him to raise my half of the deposit, and I am not that willing to sell my current property as it is long term investment.
Is it possible to get a small mortgage on my current owned property to release some equity to use a deposit on a second property? I have seen a lot in terms of re-mortgaging, but as I do not, nor have I ever had, a mortgage on my current home, I don't know how that applies to me..and equity release seems to be very much age limited.
Any info would be much appreciated! ThanksI 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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