Presumably the bank that valued it for 700k are the same Bank you owe the money to. And presumably the same bank you’ll borrow more money from.
On that basis have you asked them?
Seeing as the viability of your proposal hinges on the amount they’ll lend you not some basic sums I doubt we’ll be able to help you.
- Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
- Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!
Reply to: Can I buy a new home with this?
Collapse
You are not logged in or you do not have permission to access this page. This could be due to one of several reasons:
- You are not logged in. If you are already registered, fill in the form below to log in, or follow the "Sign Up" link to register a new account.
- You may not have sufficient privileges to access this page. Are you trying to edit someone else's post, access administrative features or some other privileged system?
- If you are trying to post, the administrator may have disabled your account, or it may be awaiting activation.
Logging in...
Previously on "Can I buy a new home with this?"
Collapse
-
Originally posted by blackmarch View PostHi all,
Sorry, title should read "Equity from investment property for buying first home (to live in)" but that's a bit long.
I recently finished building a house in Australia (I'm living overseas), which we have just started renting out.
We owe: $486,000
It just got valued by the bank at: $700,000
Am I right in assuming I have:
- $214,000 equity
- $74,000 equity available to use as a deposit on next property
- Maximum total spend on Property 2 including all fees (without kicking in extra savings): $370,000
Trying to figure it out. We are moving back to Oz next year and I'm wondering whether buying a house to live without having to chuck in a lot of savings will be possible.
Do those numbers look right?
Leave a comment:
-
Maybe they thought "contractors" in the more building sense, which is a common mistake. The UK part of the site's name may have escaped them...
Leave a comment:
-
Hi Blackmarch, I think you might be better asking on an Australian forum, we’re based in the UK and for people who work as contractors.
Leave a comment:
-
Can I buy a new home with this?
Hi all,
Sorry, title should read "Equity from investment property for buying first home (to live in)" but that's a bit long.
I recently finished building a house in Australia (I'm living overseas), which we have just started renting out.
We owe: $486,000
It just got valued by the bank at: $700,000
Am I right in assuming I have:
- $214,000 equity
- $74,000 equity available to use as a deposit on next property
- Maximum total spend on Property 2 including all fees (without kicking in extra savings): $370,000
Trying to figure it out. We are moving back to Oz next year and I'm wondering whether buying a house to live without having to chuck in a lot of savings will be possible.
Do those numbers look right?Tags: None
- Home
- News & Features
- First Timers
- IR35 / S660 / BN66
- Employee Benefit Trusts
- Agency Workers Regulations
- MSC Legislation
- Limited Companies
- Dividends
- Umbrella Company
- VAT / Flat Rate VAT
- Job News & Guides
- Money News & Guides
- Guide to Contracts
- Successful Contracting
- Contracting Overseas
- Contractor Calculators
- MVL
- Contractor Expenses
Advertisers
Contractor Services
CUK News
- Streamline Your Retirement with iSIPP: A Solution for Contractor Pensions Sep 1 09:13
- Making the most of pension lump sums: overview for contractors Sep 1 08:36
- Umbrella company tribunal cases are opening up; are your wages subject to unlawful deductions, too? Aug 31 08:38
- Contractors, relabelling 'labour' as 'services' to appear 'fully contracted out' won't dupe IR35 inspectors Aug 31 08:30
- How often does HMRC check tax returns? Aug 30 08:27
- Work-life balance as an IT contractor: 5 top tips from a tech recruiter Aug 30 08:20
- Autumn Statement 2023 tipped to prioritise mental health, in a boost for UK workplaces Aug 29 08:33
- Final reminder for contractors to respond to the umbrella consultation (closing today) Aug 29 08:09
- Top 5 most in demand cyber security contract roles Aug 25 08:38
- Changes to the right to request flexible working are incoming, but how will contractors be affected? Aug 24 08:25
Leave a comment: