Property prices are rising so my fiance and I would like to pay off our abet to Buy loan but are unsure whether a remortgage is the best way to do this[br]Q My fiance and I have a joint mortgage on a fresh-build domestic in Scotland. The house cost £187000. We took out a mortgage of £139600, establish down £10000 as a cash deposit and got a 20% fairness loan of £37400 from the Scottish abet To Buy scheme. There is currently £138000 outstanding on the mortgage.
As house prices in our area are steadily rising it seems to be in our best interest to pay off the fairness loan as soon as possible. Would it be possible to take out another mortgage and use the £10000 that the house has risen in value to do that?Continue reading...
Source: theguardian.com