TintedSepia
05-04-2005, 12:26 PM
My mother has offered to release some of the equity in her house so that I can get started on building my property portfolio. I am looking to raise 50k.
Just looking for advice on the reason to give the building society. I had thought of saying that the reason was for an extension on the house, but they say they will need to see the plans.
The advice I have had is that she could say it is for numerous reasons (extension, tour around the world, new car, helping out her son);
or she could say she wants to use the money as a deposit for a new property.
My mother has 9 years left on her current mortgage, and we were hoping to just add this further advance onto that product - or would it be better to do this on another product?
Any advice appreciated
Just looking for advice on the reason to give the building society. I had thought of saying that the reason was for an extension on the house, but they say they will need to see the plans.
The advice I have had is that she could say it is for numerous reasons (extension, tour around the world, new car, helping out her son);
or she could say she wants to use the money as a deposit for a new property.
My mother has 9 years left on her current mortgage, and we were hoping to just add this further advance onto that product - or would it be better to do this on another product?
Any advice appreciated