Hi,
I'm thinking of buying a new or secondhand house and I'm trying to work out if it's a good idea to keep my existing property. I bought a house 2 years ago. I owe about 165K on it and it's worth about 285K. I'm looking into releasing equity from my house to use as a deposit for the next house. I may go interest only on one. Somebody mentioned to me that some mortgage companies may give me a 100% mortgage against the strength of my existing property. Does anyone know if this is possible.
I have looked into the stamp duty clawback and I will have to pay about 5K.
Any advise greatly appreciated.
Dino...
I'm thinking of buying a new or secondhand house and I'm trying to work out if it's a good idea to keep my existing property. I bought a house 2 years ago. I owe about 165K on it and it's worth about 285K. I'm looking into releasing equity from my house to use as a deposit for the next house. I may go interest only on one. Somebody mentioned to me that some mortgage companies may give me a 100% mortgage against the strength of my existing property. Does anyone know if this is possible.
I have looked into the stamp duty clawback and I will have to pay about 5K.
Any advise greatly appreciated.
Dino...