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Porting a mortage and releasing equity

We have £120k equity in our current property and are looking to move house. Can we release some of the equity to help cover stamp duty and removal costs plus a small amount to cover a credit card balance? We would still be left with £90k equity, 25% of the property value.

Asked on Sep 8 2015, Home Finance in Cheshire | Report content

Answers (1)

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  • If ypu are moving, then you simply have to chose a new house that is cheap enough to leave some money over after all the bills have been paid. If £90,000 is 25% of the propert value then that implies the property is valued (by you?) at 360,000 and you have a mortgage of 240,000. If you can sell the property for 360,000 then, having paid off tour mortgage and other debts then you may have 90,000 deposit for a new property.

    Answered on Sep 10 2015, Report content

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