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Borrowing money from mortgage
kesandallie
Posts: 2 Newbie
My husband and I have a mortgage for 49k and the house is now worth 120k. Is there any way we can cash in on that extra money without having to move? The reason being, my husband is a builder and he wants to borrow 50k to buy land and he will be able to pay back the 50k in approx 18months. We want to know the cheapest, fastest and penalty free way to borrow this money. Any ideas??? Is a loan better than borrowing from our mortgage??
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Comments
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For the amount of money you are looking at a mortgage will be the easiest and cheapest option for you.
As long as your husband has got enough income to support a new mortgage of £99k, it should be straightforwardI 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 -
If you want to pay the money off in 18months you will need a mortgage that doesn't charge you if you pay off large amounts early. What kind of mortgage do you have?
Mum to DD born Oct 2009 :j DS born April 2013 :jBreastfeeding peer supporter with the breastfeeding network. National breastfeeding helpline 0300 100 0212.:question: Ask me if you have any baby feeding questions :question:0 -
As said raising the money from the mortgage seems like the easiest/cheapest way. It may be worth checking with your current lender to see what they will offer, the only option may be there SVR which can range from 7.25%-8% but at least you will not be tied in with penalties when you pay it back in 18 months time.0
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:wave: Welcome!Mum to DD born Oct 2009 :j DS born April 2013 :jBreastfeeding peer supporter with the breastfeeding network. National breastfeeding helpline 0300 100 0212.:question: Ask me if you have any baby feeding questions :question:0
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