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From: Dan Theman
Hi all
I was wondering if anyone can shed some light on this issue. I have a fixed interest mortgage over my PPOR but the amount owing is only about 60% of the property's value. So I wanted to borrow against some of the equity in my home (as a second loan) to invest in shares or a fund.
The problem is that my mortgage broker has told me that the only way I can do this is to discharge the current loan - because it is fixed interest I can't borrow against the equity until that period expires.
BUT if I discharge I have to pay the fixed discharge fee, plus mortgage insurance again plus application fee again ! All just to borrow about 30% more value.
Anybody know if this is true or not? I didn't know it was so hard to get access to equity and if so then I'll never get a fixed interest again!
Any ideas/opinions would be much appreciated
Thanks
Hi all
I was wondering if anyone can shed some light on this issue. I have a fixed interest mortgage over my PPOR but the amount owing is only about 60% of the property's value. So I wanted to borrow against some of the equity in my home (as a second loan) to invest in shares or a fund.
The problem is that my mortgage broker has told me that the only way I can do this is to discharge the current loan - because it is fixed interest I can't borrow against the equity until that period expires.
BUT if I discharge I have to pay the fixed discharge fee, plus mortgage insurance again plus application fee again ! All just to borrow about 30% more value.
Anybody know if this is true or not? I didn't know it was so hard to get access to equity and if so then I'll never get a fixed interest again!
Any ideas/opinions would be much appreciated
Thanks
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