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Remortgage & Release equity

sukh38
Posts: 115 Forumite


Hi All,
Very sorry this seems like a simple question but I cant get my head around it.
So I have a BTL property with a £96,000 mortgage left to pay (Fixed term to expire in Oct 2021) the property is now valued at £150,000. (I initially put £35,000 down)
As the fixed term is coming to renewal I want to remortgage and release some equity of about £15,000.
I can't get my head around the part when I do a comparison and I select remortgage (Enter £96k mortgage and £150k value) I get back LTV of 65%.but how do I inform the finance company £15k of that is equity I need?
Again sorry first-time remortgage to release equity so this is probably very simple
Many thanks in advance.
Very sorry this seems like a simple question but I cant get my head around it.
So I have a BTL property with a £96,000 mortgage left to pay (Fixed term to expire in Oct 2021) the property is now valued at £150,000. (I initially put £35,000 down)
As the fixed term is coming to renewal I want to remortgage and release some equity of about £15,000.
I can't get my head around the part when I do a comparison and I select remortgage (Enter £96k mortgage and £150k value) I get back LTV of 65%.but how do I inform the finance company £15k of that is equity I need?
Again sorry first-time remortgage to release equity so this is probably very simple
Many thanks in advance.
0
Comments
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You'll have to enter the full amount you want to borrow, so £111k (£96k to cover the outstanding loan, plus the £15k you want to have left over after).1
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Please make sure you get all the checks done !
EICR, GSC, EPC, Fensa Certificate for the windows.
Your looking at 75%LTV with a £111,000 mortgage on a £150,000 property.
Don't forget the mortgage fee and other remortgaging costs0
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