Posted on 8 October 2012 by Rye
I have just taken out a mortgage on a right-to-buy property. The property is worth about £200k and as a right-to-buy tenant I got a discount of £75k. So I bought the house for £125k and that means I have £75k in equity in the property. I am in a 5 year mortgage term initially. I want to know how early can I remortgage to raise £35k from the property for an extension?
It is possible to remortgage within the pre-emption period, however your choice of lenders will be limited, and there will almost certainly be a redemption penalty on the 5 year product you have just taken out, that will need to be taken into consideration.
If you should wish to discuss your options in more detail, then please let me know and I'll arrange for you to speak with one of our consultants.
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