Need your help here folks.
Due to the sale of my main residence ( other two IP loan secured against main residence), I'm in the situation now with loan / property value ratio at 83% when it comes to settlement of my main residence. Both IP loan is at fixed rate so there will be a hefty break fee If I want to use sales proceeds to reduce IP loan to less than 80% value.
Just wondering if I can use a term deposit as security for my loan to avoid mortgage insurance. Or alternatively, what other kind of asset will bank consider as a security (eg shares?).
You input is much appreciated.
Thanks,
XM
Due to the sale of my main residence ( other two IP loan secured against main residence), I'm in the situation now with loan / property value ratio at 83% when it comes to settlement of my main residence. Both IP loan is at fixed rate so there will be a hefty break fee If I want to use sales proceeds to reduce IP loan to less than 80% value.
Just wondering if I can use a term deposit as security for my loan to avoid mortgage insurance. Or alternatively, what other kind of asset will bank consider as a security (eg shares?).
You input is much appreciated.
Thanks,
XM