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Can I change what I do with money released on remortgage?
TimTrew
Posts: 1 Newbie
We remortgaged in August (5 year, 1.5%) releasing 100K equity for an extension and loft. We're now not sure. With house prices looking like they could drop I wonder if it could be an chance to move to a larger house instead of doing the work on ours.
I've read we'd need to stay put for six months with the new mortgage, but does anyone know if the money released is likely to be tied to having work done on our house, or whether it could in theory be ported to a new house (the mortgage is with HSBC and portable). Any tips for navigating this with the bank?
In the meantime it's in easy access savings to cancel out the interest.
Thanks!
I've read we'd need to stay put for six months with the new mortgage, but does anyone know if the money released is likely to be tied to having work done on our house, or whether it could in theory be ported to a new house (the mortgage is with HSBC and portable). Any tips for navigating this with the bank?
In the meantime it's in easy access savings to cancel out the interest.
Thanks!
0
Comments
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The six months rule is generally that mortgage lenders are sceptical of people selling their home within 6 months of buying it. It has nothing to do with remortgaging or extension plans.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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Wont you have to pay the loan off when moving at a higher rater on the next one?Don't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.0
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