Use Equity or Mortgage to buy??

[Muse]

Hi,
I've spent the past few years renovating my first house, large property, and just sold for a £120k equity profit UK.

The market seems to be sky-high at the moment! I obviously need a new home, so unsure if I should use the equity towards my next home and mortgage the rest. Or maybe use minimum for a deposit on my new home, and use the remaining equity to flip up a second house to sell. Been reading on the Brrr method, using a bridging loan.

I just don't know what's the most logical and intelligent way to go!


Any advice would be greatly appreciated.

 

[bhupinderbhatti]

Both home equity loans and mortgage loans have their own set of benefits. All you need to do is choose a plan depending on your requirements and financial planning.

 

[MechJony]

The situation is confusing but resolvable. My childhood friend still faced something like this when her parents died and left her a lot of lands. I tried to help and started to research more companies in this field. Until the end, she decided to go to https://goodlifehomeloans.com/reverse-mortgages/refinancing/ because I only called on them when I wanted them to mortgage me. I was delighted. It would be best to turn to trusted experts when you have losses due to other people. I wish you much success, and I hope you choose the right path.

 

[Allison]

Hey you can contact this royalproperty.ca site it may help you

 

[Griffindor]

I recommend using a mortgage to buy a new home. This process is much more straightforward than buying the whole house with only cash, and at the same time, you will save money, and it will serve your financial situation better to have cash on hand. Also, the interest is Tax Deductible. Especially nowadays, there are a lot of companies that offer great deals on getting a mortgage. I bought my house as soon as I got a mortgage and asked for help from Mortgage Broker York. They have outstanding offers, and it is worth taking a mortgage from them.

 

[Allison]

Home equity loans and mortgages have become more similar in one respect: their tax deductibility. I do prefer mortgage. I don't wanna hurt my credit

 

[MolleySorba]

Suppose there are doubts about the right choice in no hurry. It is necessary to weigh everything carefully. Find out what interest you can use to buy a house and compare it with a mortgage. Here, too, you can find a suitable company for consultation. A friend of mine used Mortgage Advice Birmingham to get good mortgage terms. And he put the money from selling his parent's house in another city into business. Of course, there are always many advisors, but it is better to consult several companies. The decision is always up to you.

 

[Dora Wi]

Suppose there are doubts about the right choice in no hurry.

So which do you think the right choice is?

 

[bernetec]

Maybe I'm weird, but I wouldn't use the minimum for the deposit, I'd pay half the cost. You can divide the remaining amount into smaller installments, and the obligation to pay off the mortgage every month won't seem so suffocating to you. My consultant from Equity Release Nottingham didn't appreciate my idea, haha. He thinks I'm in too much of a hurry to pay my mortgage. That's true because I can't resist the temptation to take on as much work as possible to pay off my mortgage early. But it's a very personal decision.