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Mortgage & Equity

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  • Mortgage & Equity

    Hi, would i be able to do this
    The property i currently own is worth 170k....i owe the bank a mortgage of £28,000

    i am looking to buy another property for 185k i have a deposit of £37,000 with which is 20% LTV

    What i would like to do is re-mortgage ? release equity? from house i currently own of roughly another £37,000 and put down £74,000 for the house i want to buy which will bring the LTV down to 60% and get me a better deal.... is this possible???

  • #2
    Re: Mortgage & Equity

    Yes, subject to the usual lending checks.

    In some cases the sensible thing in the first instance is to approach your current lender to ask for a further advance, particularly if your current mortgage is in an early repayment charge period whereby you will have to pay a fee to change to a new lender.

    Is the property you are buying an investment property that you wish to let out?
    Property for sale in Torquay