Property News · November 5, 2015

Can we remortgage to pay off the equity loan on our home?


Property prices are rising so my fiance and I would like to pay off our Help to Buy loan but are unsure whether a remortgage is the best way to do thisQ My fiance and I have a joint mortgage on a new-build home in Scotland. The house cost £187,000. We took out a mortgage of £139,600, put down £10,000 as a cash deposit and got a 20% equity loan of £37,400 from the Scottish Help To Buy scheme. There is currently £138,000 outstanding on the mortgage.As house prices in our area are steadily rising it seems to be in our best interest to pay off the equity loan as soon as possible. Would it be possible to take out another mortgage and use the £10,000 that the house has risen in value to do that? Continue reading…

Source : theguardian.com
Read more…Can we remortgage to pay off the equity loan on our home?

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