Q:I have two houses one a rental with over ￡60000 in equity, the second mine with about ￡10000 in equity we are currently upto 90% of it's value on the mortgage and so can't release any equity on that one. And our bank do not like to equity release on Buy to let, mortgage became that two years ago when we couldn't sell the house. We overpaid all the time while we were in it the idea being to be mortgage free, or at least able to get the equity when we needed. It worked well until we bought a fixer upper, which still needs abot ￡10000 of work to get how we want. Well we can't get to our money!
we can afford the difference of ￡60-￡70 a month that an equity release would cost, so financially not an issue. but the bank will not budge, I'm I better remotgaging my buy to let to release some capital:confused: and are there any that do not have stupid fees!!
A:
equity release is an entirely different product to a remortgage – i think you are confusing two different schemes
A:Afraid I don't about which ones don't charge extortianate fees.
Based on http://www.consolidation-debt.tk/mortgages/best-mortgages-cashback
I suggest talking to a broker…
Z
A:Given the state of the mortgage market it might be cheaper to get a personal loan for the ￡10,000 paid off over the shortest timescale you can manage (i.e. don't overpay on the mortgage while paying off the loan).
A:Perhaps you should ask this question on the mortgage board, you might get more help there?
A:Your question is a bit too sophisticated for me. I'd guess that the bank see this as a risk as your income and the three mortgages don't bode well with their calculations.
Me, personally I'd rent both the houses out and live in the ruin, and get the essentials done before winter is here.
Ever time you mortgage, it is survey, and other possible fees
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