mary.beirne85
New Member
- Messages
- 2
Releasing equity means taking out a mortgage. Either way you will still have the same total borrowings between the 2 properties.This is the reason we were hoping to release equity on our current home, to reduce the amount we would need to borrow.
This is a red flag, your salary and savings suggest you should easily meet most requirements. Either you have a lot of other personal debt or some other kind of financial commitments?However, we are not saving enough each month to satisfy the shocked affordability checks (i.e. interest rate + 2% shock)
we are not saving enough each month to satisfy the shocked affordability checks (i.e. interest rate + 2% shock).
Going sale agreed and new home and putting own home on market immediately is one way to do it. It has its challenges but it can go rightWe own our current home outright (no mortgage). Ideally we could sell our current home and buy the new house, but we are aware of the challenges of doing so at the same time.
Seems odd that you won't get approved on a 3.15x LTI.We have about 170K saved for a deposit and our combined salaries are approx 200K. However, we are not saving enough each month to satisfy the shocked affordability checks (i.e. interest rate + 2% shock). This is the reason we were hoping to release equity on our current home, to reduce the amount we would need to borrow.
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?