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19-05-2010, 07:40 PM
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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??? 
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20-05-2010, 01:07 PM
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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?
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____________________________________________ Property for sale in Torquay www.thomasdobner.co.uk
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