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Likliehood of Equity Release
demontfort
Posts: 269 Forumite
Hello,
I'm in the 4th year of a 5 year fix. During that time I've paid off 110k of my principal and am now left with a £45k mortgage on a £350k flat.
1) Would it be straightforward for me to increase the mortgage to £100-150k to free up some cash when the fix runs out next year?
2) Would the lender have any interest in what I planned to do with the extra money as I won't be spending any of it on the property?
Many Thanks
I'm in the 4th year of a 5 year fix. During that time I've paid off 110k of my principal and am now left with a £45k mortgage on a £350k flat.
1) Would it be straightforward for me to increase the mortgage to £100-150k to free up some cash when the fix runs out next year?
2) Would the lender have any interest in what I planned to do with the extra money as I won't be spending any of it on the property?
Many Thanks
0
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