answered
Q: How much equity do I need to have in my current home, for a bank to consider it as security towards buying a small investment property? We are on a very low, base income at the moment, and I would estimate our remaining mortgage represents about 20% of the property value.
A: Thanks to everyone for their in depth answers :) It's given me a lot to think about. Not sure if I want to risk increasing the mortgage when we're so close to having 100% equity, but I will definitely be weighing up the pros and cons.
answered
Q: How much equity do I need to have in my current home, for a bank to consider it as security towards buying a small investment property? We are on a very low, base income at the moment, and I would estimate our remaining mortgage represents about 20% of the property value.
A: The mortgage represents 20%, which means we have 80% equity.
question
Q: How much equity do I need to have in my current home, for a bank to consider it as security towards buying a small investment property? We are on a very low, base income at the moment, and I would estimate our remaining mortgage represents about 20% of the property value.
