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Hi all I have between 15-25k in my home, how do I go about releasing 5k from this? Is it a long drawn out process? does the money HAVE to be used for home improvements? Do they check?
Hi all I have between 15-25k in my home, how do I go about releasing 5k from this? Is it a long drawn out process? does the money HAVE to be used for home improvements? Do they check?
Thanks
Due to the risk of a market fall most lenders dont want to lend more than 90% of the property value these days.
So if your property is worth 120K and your mortgage is say 100K, then you might be able to increase your loan to 105K.
But if its worth 180K and the mortgage is 160K, they will probably say no in this market.
Hi all I have between 15-25k in my home, how do I go about releasing 5k from this? Is it a long drawn out process? does the money HAVE to be used for home improvements? Do they check?
Thanks
Sell your house. Buy a house £25k cheaper. Hey presto, you have £25k cash.
I know people that have gone silly extracting equity from their homes to fund frivolous things.
They seem to think just because on paper their house is worth a lot more than they paid that they can extract that money as if it's already theirs.
They seem to ignore the fact they still have to pay it back, and on a repayment scheme of 20 or more years they'll be paying a damn site more interest than a normal personal loan.
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