questn of mortg and re-mortg

sat_3

don't no much about this


if i buy a house for £120,000 and give a deposit of £20,000 can i remortgage that house in 3 months time and buy another for £120,000 and again put £20,000 deposit down.

or can you only remortgage once your house is free.

BenL

I'm no expert but you should only be able to re-mortgage to the amount the house is valued at.

£120K - £20K = mortgage of £100K.

There is then the £20K deposit you initally used as the equity in the house.

If your bank will allow it you can then borrow the £20K as a max.

Ben