In keeping with the promise to myself to get all my finances sorted out, and look for better deals on my bank accounts, credit cards and IP loan, I've just un-cross-collaterised, so now have loan on my IP instead of PPOR at fixed for 3 years at 5.85% with Resi. Papers all complete and arrived last week - first payment due end December although I am moving that to the 17th of the month.
Just by the by - it's a 1b flat bought for $64500 five years ago. When asked for a valuation for the loan I put forward about $150,000.00 based on recent sales of similar in the area. To the best of my knowledge no-one ever went inside the flat to suss it out so it seems they took me at my word or used the same data.
I've taken the 80% (of $150,000) loan option so got $120,000 to pay out my IP loan and I have the rest to go shopping for new IP's with!! I never would have known how to do this if not for this wonderful forum!
I'm feeling quite clever! Although I am watching all the differing (confusing) opinions here on whether it's a good or bad time to buy
Any, Thank you and Merry Christmas to you all.
Olly
Just by the by - it's a 1b flat bought for $64500 five years ago. When asked for a valuation for the loan I put forward about $150,000.00 based on recent sales of similar in the area. To the best of my knowledge no-one ever went inside the flat to suss it out so it seems they took me at my word or used the same data.
I've taken the 80% (of $150,000) loan option so got $120,000 to pay out my IP loan and I have the rest to go shopping for new IP's with!! I never would have known how to do this if not for this wonderful forum!
I'm feeling quite clever! Although I am watching all the differing (confusing) opinions here on whether it's a good or bad time to buy
Any, Thank you and Merry Christmas to you all.
Olly
