Right To Buy Remortgage
Posted on 8 October 2018 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 call us on 0344 346 3672.
Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.
We recommend you seek professional advice with regard to any of these topics where appropriate.