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Unencumbered mortgage
Lifeishectic
Posts: 1 Newbie
Hi.
We are looking to do an extension on our house and I'm after advice on how best to finance it. We need to borrow approx 80k. We are incredibly lucky and we are mortgage free in our mid thirties. We both work and I've been looking into mortgages. Is this the best way to fund the extension? Or should we release equity from our house? We are new to all this.
Thank you in advance!!
We are looking to do an extension on our house and I'm after advice on how best to finance it. We need to borrow approx 80k. We are incredibly lucky and we are mortgage free in our mid thirties. We both work and I've been looking into mortgages. Is this the best way to fund the extension? Or should we release equity from our house? We are new to all this.
Thank you in advance!!
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Comments
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A mortgage is how you release equity from the property.I am a Mortgage AdviserYou 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.0
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You are far too young for any of the specific 'Equity Release' products you may see advertised, so releasing the equity with a standard mortgage product is how you access the equity you have in your property, as ACG has said.Lifeishectic said:Or should we release equity from our house?
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