Hi Guys,
Can anyone help? I'm thinking of buying a new house, and instead of getting a high mortgage I'm thinking about releasing equity on my current home, which is worth about 230K with a remaining mortgage of 26K.
A guy in the Bank told me I could release equity on my current house to the value of 204K which could be paid back when I sell my current house.
How does this work? Will I be paying interset on that 204K until I sell my own house?
Thanks in advance!
Can anyone help? I'm thinking of buying a new house, and instead of getting a high mortgage I'm thinking about releasing equity on my current home, which is worth about 230K with a remaining mortgage of 26K.
A guy in the Bank told me I could release equity on my current house to the value of 204K which could be paid back when I sell my current house.
How does this work? Will I be paying interset on that 204K until I sell my own house?
Thanks in advance!