How much to remortgage?
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missis_amber
Posts: 92 Forumite
KurriKawari
Am usually great at understanding stuff like this but remortgaging has got me stumped!
I have seen a property that I want to buy.
I currently own a property that has increased in value, I want to release the equity in this to help pay deposit of the second property. I will sell first house as soon as I can, really don't want to lose out on second house.
These are the figures:
Value of current house £190k
Outstanding balance on mortgage £75k
Equity in house £115k
Price of second house £210k
Amount of deposit I want to put down on second house £105k
Can someone help me to understand:
How much would I need to remortgage first house? Thank you.
Am usually great at understanding stuff like this but remortgaging has got me stumped!
I have seen a property that I want to buy.
I currently own a property that has increased in value, I want to release the equity in this to help pay deposit of the second property. I will sell first house as soon as I can, really don't want to lose out on second house.
These are the figures:
Value of current house £190k
Outstanding balance on mortgage £75k
Equity in house £115k
Price of second house £210k
Amount of deposit I want to put down on second house £105k
Can someone help me to understand:
How much would I need to remortgage first house? Thank you.
0
Comments
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If you still have £75k left to pay and want £105k extra you will need a mortgage of £180k, but on a £190k house that is very unlikely.0
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Got any savings?0
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