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If you’ve already paid off a portion of your mortgage you might be able to use this equity to purchase a second property.
This process is best illustrated with a specific example.
Imagine that a few years ago, you purchased a house valued at $500,000. So far, you’ve paid off $200,000 of this, while $300,000 remains unpaid.
At this point in time, you spot a highly promising new property and wish to buy it as an investment. In order to put money towards this new property, you can “free up equity” from your original house.
Which can then be used to help you secure the second house.
Before you commit to it, though, it’s important to consider your various options carefully and know exactly what you’re doing.
Hallam Jones can help you navigate this complex terrain, and ensure that you choose the best option when you’re looking to buy a second home.
Contact us to find out more about whether freeing up equity could be right for you.