I was hoping for some other people's experience.
Briefly:
- Bought starter home in 2014. Subsequently did a big construction job. House is now worth approx €650-700k with a €287k mortgage (ICS). Still living here.
- recently bought a bigger house to be our family home. Cost 975k. 80% mortgage at 780k (Avant). The house needs a fairly big job done to it and we have some savings for this (but not enough).
- both mortgages are attractive fixed rates but have 1 year to run and will then be higher.
- I basically need to raise 100-120k to do the work to bigger house.
- would any mortgage provider look at us remortgaging the 2014 house to drawdown say 400k (against a 650-700 valuation). We would use that money to do up the 2022 house along with savings.
- alternatively could I remortgage the family house to bring it up to 90% LTV and release some.cash there? Would have to switch as Avant don't do topups.
Thanks very much
Briefly:
- Bought starter home in 2014. Subsequently did a big construction job. House is now worth approx €650-700k with a €287k mortgage (ICS). Still living here.
- recently bought a bigger house to be our family home. Cost 975k. 80% mortgage at 780k (Avant). The house needs a fairly big job done to it and we have some savings for this (but not enough).
- both mortgages are attractive fixed rates but have 1 year to run and will then be higher.
- I basically need to raise 100-120k to do the work to bigger house.
- would any mortgage provider look at us remortgaging the 2014 house to drawdown say 400k (against a 650-700 valuation). We would use that money to do up the 2022 house along with savings.
- alternatively could I remortgage the family house to bring it up to 90% LTV and release some.cash there? Would have to switch as Avant don't do topups.
Thanks very much