Equity release - how much would a bank give me?

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max

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I'm thinking of releasing some of the equity in my existing home to buy another property abroad? How much would I get, given that its worth about 230k and has about 100k outstanding on the mortgage? cheers
 
What if he were to leave his job ie not have any income to service the mortgage apart from rental income on the existing home
 
Not much i would say... Releasing equity is one thing, repayment capacity is another.
 
For any lender to give equity release one must have a means of repaying!! Few lenders here give loans on foreign property. Even when they do, it's a maximum of 70% approx. If you want to release equity in order to rent your own house and move abroad, that might be a different story. Check with a broker.
 
Best one yet... have things changed so much with regard to credit that we really reckon this would work; "Hi Mr Bank Manager, i'd like to jack in my job and get another big loan from you to buy another property abroad at the same time. How about it?"
 
You'd be surprised at how many people think that "equity release" means the bank just hands you money.
 
Think of all that equity "imprisoned" in people's houses. It would be a shame not to set it free. :)
 
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