My wife has equity in another property but we have no solid savings. We want to move home as we would like to extend our family.
One option available to us is using this other property as equity for a deposit.
How does it work?
I have a meeting with bank on Saturday to find out about it a bit more.
They mentioned something about borrowing against it or giving up your whole part your share of the other property.
How do they mean borrow against? So do they mean it basically becomes a 100% mortgage?
One option available to us is using this other property as equity for a deposit.
How does it work?
I have a meeting with bank on Saturday to find out about it a bit more.
They mentioned something about borrowing against it or giving up your whole part your share of the other property.
How do they mean borrow against? So do they mean it basically becomes a 100% mortgage?