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Old 23-12-2010, 10:56 PM
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Default can i use my house as callateral to buy another house

Hi
I own a terraced house outright, its worth approx 85k and i currently rent it out to tenants for 450 per month. I also have about 50k equity in the house i live in.

I am unemployed at the moment, but i would like to buy another house so
could i use my house as collateral to buy another house?

many thanks
dacker
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Old 24-12-2010, 02:46 PM
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Default Re: can i use my house as callateral to buy another house

I'm not sure if I fully understand what you're needing here, but one approach could be to take out a buy-to-let mortgage on the house you fully own to raise a deposit to put down on (or even pay outright for) a new house...
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