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Hold the money or take it out in 2 years?
Blewgoose
Posts: 1 Newbie
We own a house in London which we are currently renting out. We ourselves are renting in a different area. We'd like to keep our London house and buy a second house. Our mortgage has come to the end of it's fixed rate term and we are about to sign a new 2 year lease on the rental. (for school place purposes I don't want to move before). Do we take the 300k out in equity now and sit on it until we look to buy in 18 months or so or would you wait and take it out in 2 years time?
0
Comments
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I would take it out when you need it, as you will be paying interest on £300,000 for no reason - and if you are not buying a property then the lender will have nothing to secure it against.0
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