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House equity as a cash sum when moving home?
kates08
Posts: 94 Forumite
Hi all
Sorry if this is a really stupid question but I've only bought a house once and never sold one so this is all a bit confusing!
We have around £70k equity in our house (if we sell for around the asking price), we've found a house which is in our dream location but needs around £40k of work done to it (basically gutting it). We know that we won't be able to borrow more money based on what it will be worth once we've done the work so we want to be able to borrow at a higher LTV, only putting down £30k of our equity from the house and take our other £40k of equity as cash to spend on the renovations. Is that possible?
If so how long would it take for us to be able to get our hands on the cash? We'd need to live in the house while renovating and the kitchen and bathroom are not liveable for a long period of time!
TIA, Kate
Sorry if this is a really stupid question but I've only bought a house once and never sold one so this is all a bit confusing!
We have around £70k equity in our house (if we sell for around the asking price), we've found a house which is in our dream location but needs around £40k of work done to it (basically gutting it). We know that we won't be able to borrow more money based on what it will be worth once we've done the work so we want to be able to borrow at a higher LTV, only putting down £30k of our equity from the house and take our other £40k of equity as cash to spend on the renovations. Is that possible?
If so how long would it take for us to be able to get our hands on the cash? We'd need to live in the house while renovating and the kitchen and bathroom are not liveable for a long period of time!
TIA, Kate
0
Comments
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Yes.
At completion of your sale, your solicitor will give you what is left after the property has been purchased.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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