I own a flat which has approx £20,00 left on the mortgage. Can I take the equity out of this flat (approx £150,000) and put it towards a new flat?
Sometimes you can obtain a Home Equity Loan and use the proceeds towards the purchase of the new one. Read the docs carefully. See whether the HELOC requires you continue in residence in the first flat. The new mortgage will assuredly require you to be in residence unless you put down larger down payment and pay higher rates for investment property.
Own a flat which only a small amount left on the mortgage. Can I put the equity in this house against new one?
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yes
References :
Sometimes you can obtain a Home Equity Loan and use the proceeds towards the purchase of the new one. Read the docs carefully. See whether the HELOC requires you continue in residence in the first flat. The new mortgage will assuredly require you to be in residence unless you put down larger down payment and pay higher rates for investment property.
References :
real estate investor
you have to take out a new mortgage and you would have to make enough to qualify for a 150,000 loan
a mortgage usually has to be taken on teh property you are buying , unless the amount you are borrowing on Home A can FULLY pay for home B
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