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Buying a garage
jennyd1975
Posts: 41 Forumite
Hi, I have the opportunity to buy a brick garage and small patch of land a few hundred metres from my house which for lots or reasons would be perfect for me. I don’t know and exact cost but would estimate £15-£20k.
What would be the best approach to raising the finance for this using my mortgage (I don’t want a loan as I already have one)
I have probably over 50% equity In my house but not sure if banks will permit increasing the mortgage to purchase what is technically a separate piece of land...anyone done this? Or would I be be better of telling the bank I need the cash for house improvements and if so would I then be asked for quotes etc?
What would be the best approach to raising the finance for this using my mortgage (I don’t want a loan as I already have one)
I have probably over 50% equity In my house but not sure if banks will permit increasing the mortgage to purchase what is technically a separate piece of land...anyone done this? Or would I be be better of telling the bank I need the cash for house improvements and if so would I then be asked for quotes etc?
0
Comments
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I don't think it should be a problem, you can remortgage to buy a second home so I don't see why a garage would be an issue. No need to start committing fraud by lying to the bank...2
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