Hi, thanks for taking the time to read.
Im a bit confused and hope someone will be able to shed some light on this for me.
When we bought our house my dad lent us £34k (deposit plus a bit of fees, amazing dad!). House was £132,500, Mortgage 99,500.
Our mortgage 5yr product runs out next year. What we hope to do is remortgage to release some of dads money back to him, as much as is possible really. Our house is prob worth about £136k now.
Am i right in thinking that we could aim for an 85% ltv mortgage, so based on £136k value would borrow 117,300 and thus need a deposit of £20,700. BUT because we have paid some of our mortgage off we would pay a bit less to last mortgage company and free up a bit more this way?
I would really appreciate any clarification, i have baby brain and am finding the whole thing a bit bamboozling!
Im a bit confused and hope someone will be able to shed some light on this for me.
When we bought our house my dad lent us £34k (deposit plus a bit of fees, amazing dad!). House was £132,500, Mortgage 99,500.
Our mortgage 5yr product runs out next year. What we hope to do is remortgage to release some of dads money back to him, as much as is possible really. Our house is prob worth about £136k now.
Am i right in thinking that we could aim for an 85% ltv mortgage, so based on £136k value would borrow 117,300 and thus need a deposit of £20,700. BUT because we have paid some of our mortgage off we would pay a bit less to last mortgage company and free up a bit more this way?
I would really appreciate any clarification, i have baby brain and am finding the whole thing a bit bamboozling!