Hi All,
My current situation is a follows:
IP1 – Current Value approx $520K – Loan Balance - $340K (P&I) - Suncorp
IP2 – Current Value approx $280K – Loan Balance - $285K (Interest Only) – ING
I have stuffed up when purchasing IP2, the mistakes I have made are:
1- Fixing IP2 loan for 5 Years at 8.44% - I have 2 years 1 month left on this loan. Break fees are approx $13K.
2- Allowing ING to have a 2nd mortgage on IP1. (The borrower is to provide a letter of consent from Suncorp, the prior mortgagee, limiting their priority to principal of $410020.)
If possible I would like is some advice on how to fix my loan structure to allow me to access the equity in IP1.
Cheers
Brad
My current situation is a follows:
IP1 – Current Value approx $520K – Loan Balance - $340K (P&I) - Suncorp
IP2 – Current Value approx $280K – Loan Balance - $285K (Interest Only) – ING
I have stuffed up when purchasing IP2, the mistakes I have made are:
1- Fixing IP2 loan for 5 Years at 8.44% - I have 2 years 1 month left on this loan. Break fees are approx $13K.
2- Allowing ING to have a 2nd mortgage on IP1. (The borrower is to provide a letter of consent from Suncorp, the prior mortgagee, limiting their priority to principal of $410020.)
If possible I would like is some advice on how to fix my loan structure to allow me to access the equity in IP1.
Cheers
Brad