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Locked equity
Beetee_2
Posts: 8 Forumite
Hi everyone
I have a mortgage on my right to buy property. It is a high rise property the sort only few lenders are interested in. That was three years ago. Now am trying to remorgage to allow take out some equity as am interested in invested in property development - i mean fix and sell for which i need some fund. I have tried remotgaging but a lender was not willing to lend me much more than the current lender. The property was last valued £100,000 by a lender, another lender valued down at £80,000 the same value that it was bought three years ago. The current mortgage is about £50k. The area is London SE17. Although my property is due to be compulsorily purchased because of regeration plan for the estate, it may be another 5 years time. I feel frustrated that i have an equity locked in my property that i couldnt take out to invest. Is there any way out of this predicament?
Pls help.
I have a mortgage on my right to buy property. It is a high rise property the sort only few lenders are interested in. That was three years ago. Now am trying to remorgage to allow take out some equity as am interested in invested in property development - i mean fix and sell for which i need some fund. I have tried remotgaging but a lender was not willing to lend me much more than the current lender. The property was last valued £100,000 by a lender, another lender valued down at £80,000 the same value that it was bought three years ago. The current mortgage is about £50k. The area is London SE17. Although my property is due to be compulsorily purchased because of regeration plan for the estate, it may be another 5 years time. I feel frustrated that i have an equity locked in my property that i couldnt take out to invest. Is there any way out of this predicament?
Pls help.
0
Comments
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Any lender is going to be nervous of ex-LA high rise properties, particularly with the prospect of compulsary purchase.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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It's not withdrawing equity, it's adding to your mortgage debt.poppy100
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