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equity when remortgaging
village_life
Posts: 336 Forumite
Hi
when we come to finish our fixed term mortgage and look around the market for a new mortgage, what is the answer regarding the "deposit" question....
my example being
Took out a 95% morgage for £173k on a house purchased for £180k a couple of years back....
when our fixed term ends, our house [for example] will be worth £210k and our mortgage remaining will be £165k (ignore the accuracy of figures for now, this is just an example)
so when we come to remortgage is our Loan % 78% (165k/210k), therefore does the equity we have (45k in this example) count as our deposit? (less fees etc)....
just wondering how this works?
when we come to finish our fixed term mortgage and look around the market for a new mortgage, what is the answer regarding the "deposit" question....
my example being
Took out a 95% morgage for £173k on a house purchased for £180k a couple of years back....
when our fixed term ends, our house [for example] will be worth £210k and our mortgage remaining will be £165k (ignore the accuracy of figures for now, this is just an example)
so when we come to remortgage is our Loan % 78% (165k/210k), therefore does the equity we have (45k in this example) count as our deposit? (less fees etc)....
just wondering how this works?
0
Comments
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Yes ........ Cant post one word answer0
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However this will also works in the opposite direction if your house has lost money you may find it hard to remortgage with another lender.0
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