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Mortgage Capital reduction
paul2702
Posts: 1 Newbie
A number of years ago I bought a house with a large corner plot, in fact it was large enough to build a new property on.
I managed to get planning permission but was messed about by the existing mortgage provider re release of land.
Anyway, I built the said property using loans and now it is completed I am trying to release the land from the mortgage company so I can either sell or re-mortgage but they want a capital reduction of £25,000.
Basically I am buying my own land.
Has anyone got any ideas on what I can do or do I just pay the £25,000
TIA
I managed to get planning permission but was messed about by the existing mortgage provider re release of land.
Anyway, I built the said property using loans and now it is completed I am trying to release the land from the mortgage company so I can either sell or re-mortgage but they want a capital reduction of £25,000.
Basically I am buying my own land.
Has anyone got any ideas on what I can do or do I just pay the £25,000
TIA
0
Comments
-
The problem is you property will have a lower value on the smaller plot.
More details needed like the current mortgage new and old value/LTV.
Value of the new plot with a house on it.
etc.0 -
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