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Raising equity for new purchase

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  • Raising equity for new purchase

    Hi all

    I currently have a 1-bed flat with a mortgage of £39K. Current market value is approx £65K. Monthly rental £400. Current mortgage repayments are £280pm.

    I am trying to ascertain how much equity I can feasably raise through remortgaging; to use as a deposit on a new purchase.

    Any advise gratefully received.

    Steve

  • #2
    Re: Raising equity for new purchase

    You really need to speak with the mortgage company about this, as what they view as the actual equity on the property may vary from your own estimate (no mmatter how realistically based).

    Comment


    • #3
      Re: Raising equity for new purchase

      Originally posted by Steve_B View Post
      Hi all

      I currently have a 1-bed flat with a mortgage of £39K. Current market value is approx £65K. Monthly rental £400. Current mortgage repayments are £280pm.

      I am trying to ascertain how much equity I can feasably raise through remortgaging; to use as a deposit on a new purchase.

      Any advise gratefully received.

      Steve


      Hi Steve,

      Based on the figures you have presented you may be able to borrow through remortgage upto £17k approx (sep 2010) however as Brian has rightly mentioned it is dependent on the remortgage lender valuation.


      Regards

      ckf

      Comment


      • #4
        Re: Raising equity for new purchase

        Hi Steve,

        I agree with both Brian and ckf however you should probably look at dealing with a lender directly as banks and building societies have mortgages that they will offer direct to customers only that mortgage brokers dont have access to.

        This is especialy true at these higher Loan to Values.

        Look at people like Yorkshire BS and Post Office Mortgages for the most competiitve 90% LTV mortgages around.
        Worldwide Financial Planning is a specialist independent provider of Large mortgages.

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