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Equity Release

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Stefan | 21 Aug 2016, 07:48 PM Agree 0
Hey all,

I am currently in the process of purchasing a property considerably under the council valuation. I was wondering how can I go about using this equity to purchase another investment. Do I have to wait a certain amount of time? Which banks are best for this situation? I really appreciate any help or advice given. Thank you.
  • Jeff | 12 Sep 2016, 10:18 PM Agree 0
    From what I understand, once you purchase the property, the bank valuation of that property becomes equal to what you paid for it... even if you are purchasing under the council valuation. If you want to unlock the equity, maybe wait a few months then get a valuation done on it then the new valuation should reflect the equity. Best to engage a good mortgage broker to assist with the process
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