Hi Marco. That information you have explained are very useful knowledge. However how can we get up to date mortgage information from as they keeps on changing?
Hi Marco. This is a really good video, thank you so much! Just a quick question, when RF do you need to leave any amount in the property as equity? For example, a 100k property is now worth 150k, when RF you pay back the old mortgage 75k leaving you 37.5k. Then, can you take all the money out or do you need to leave 20% or 25% of this 37.5k as equity in the property?? Please let me know! Thanks
You're welcome. The best way to think of this is not by thinking of it as leaving money in from your old mortgage. Rather to pay off the old mortgage, but with the new mortgage, leveraging a maximum of 75% of its new value.
@@thepropertypilot Thank you for your reply Marco! I appreciate for your help, but I still don't understand, do you need to leave some money behind as an equity or you can cash out all the money which 37.5k? Thanks!
@@BhupinderSingh-eb3qv You leave nothing behind as such as your new mortgage pays off your old mortgage. Your cash in the deal is then reduced by what's left after paying off your new mortgage with your old mortgage!
Hi Marco. That information you have explained are very useful knowledge. However how can we get up to date mortgage information from as they keeps on changing?
You're welcome Craig. What information are you referring to? Their changing rates?
Hi Marco. This is a really good video, thank you so much! Just a quick question, when RF do you need to leave any amount in the property as equity? For example, a 100k property is now worth 150k, when RF you pay back the old mortgage 75k leaving you 37.5k. Then, can you take all the money out or do you need to leave 20% or 25% of this 37.5k as equity in the property?? Please let me know! Thanks
You're welcome. The best way to think of this is not by thinking of it as leaving money in from your old mortgage. Rather to pay off the old mortgage, but with the new mortgage, leveraging a maximum of 75% of its new value.
@@thepropertypilot Thank you for your reply Marco! I appreciate for your help, but I still don't understand, do you need to leave some money behind as an equity or you can cash out all the money which 37.5k? Thanks!
@@BhupinderSingh-eb3qv You leave nothing behind as such as your new mortgage pays off your old mortgage. Your cash in the deal is then reduced by what's left after paying off your new mortgage with your old mortgage!
@@thepropertypilot alright, that makes sense! Thank you!!
Do the lenders mind you refinance early on your mortgage product
Great question. No - because they charge you for it! It's another way they can make £££.
If you refinance a cashed property, would you need to pay interest on the value they give you?
If the cashed property is worth 400k and when i RF get 75% ltv of 300k. Do I need to pay the bank anything back?
@@haroonkhan5933 Hi Haroon - you pay back the interest if interest only. Or capital and interest if capital!
How long does a re finance take?
Good question. A typical buy-to-let refinance could be done in 4 weeks! It could take longer if you're waiting on surveyors or underwriting.