seperate loan from other IPs loan ok?

[juliemick]

Hi...I'd like to hear what you say about this....

I recently got an inheritance which is enough to pay legal fees etc for a new IP so not having to go through all the long process linking with other IP loans so my question is: is it possible that I go to another bank and set up an individual IP loan with small amount of deposit to avoid connections with other bank loans? Thanks

 

[Propertunity]

Yes, not only possible but desirable to do it this way

 

[luvvit]

Juliemick

The last thing you want to do is cross collatarise your loans (waiting for the backlash on that statement) Chat to a good mortgage broker and have them run over your figures, there is many here on the forum, just ask them to PM you.

If you need extra funds from your original mortgage, maybe a top up loan would help free some cash, then that'll form the basis of your deposit, and then you can shop around for a new loan with a different lender.

Just because you have a loan with one institution, it doesnt preclude you from going to find another lender for your new deal. Its a free market, shop around.

regards
Luvvit.