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Capital raising on current flat to buy a house
MoneyHidingExpert
Posts: 11 Forumite
We currently own a flat close to very popular city centre valued at £265k with outstanding mortgage of £148k
current fixed price deal is expiring in 5 months and we are looking to raise some capital circa £30-40k.
The house we are looking to buy won’t be ready until Dec 2022 and is worth around £400k.
We currently have some cash in the bank £45k and will save another £40k (least) by the time new build is ready.
current fixed price deal is expiring in 5 months and we are looking to raise some capital circa £30-40k.
The house we are looking to buy won’t be ready until Dec 2022 and is worth around £400k.
We currently have some cash in the bank £45k and will save another £40k (least) by the time new build is ready.
Plan is to let the flat by obtaining consent to let from lender and also aware of additional dwelling supplement when buying the house.
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Comments
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Can’t edit my post…adding here
Is it possible to raise capital when remortgaging to buy another house??
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Can you afford to fund over £500k of debt if the need were to arise?0
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@MoneyHidingExpert In principle, it is possible to do a capital raise remortgage on a residential property to buy an additional property.
Whether the scenario adds up for your plans and the mortgages required depends on the details.I am a Mortgage Adviser - 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.
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Yes, I know it’s bit risky but we can afford it as we currently standThrugelmir said:Can you afford to fund over £500k of debt if the need were to arise?0
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