Equity you have and equity you can use
Lenders usually allow you to borrow up to a set share of your home's value, less what you owe. The lender's valuation sets the figure, not your own estimate, and the amount you can use is often less than your full equity.
What it is often used for
Home improvements, a deposit on an investment property, or bringing other debts together.
What to know first
- The new borrowing is secured against your home. If repayments are missed, your home is at risk.
- Your repayments rise with the extra borrowing, and the lender checks that you can afford them.
- Costs apply, such as a valuation and lender fees.
Where our role ends
We help with the lending side: how much can be borrowed, how the loan is structured and which loan fits. Whether an investment property is right for you, and what it means for your tax, are questions for a suitably licensed financial professional and an accountant.
If you would like a clear view of the lending, Contact Us. No obligation.