Are you a property owner preparing to buy your next property? Many people in this situation choose to get their deposit by taking cash out of an existing property. While this is a common choice, it does need some careful planning to make it work.
Planning ahead to take cash out as a deposit
Planning ahead in this situation is very important. A little forethought can help avoid any delays in the purchase process that could lead to you missing out on a property. Some lenders have quite complex policies regarding taking cash out. This can make the process a little more difficult.
People often think it’s easier to get the cash out, and the mortgage for the new property through the one lender. But this isn’t always the case. Sometimes lender policies regarding cash out mean this isn’t a viable option for everyone.
In this situation, the cash out, and the new mortgage need to be handled by different lenders. At Bee Finance Savvy, we have an extensive panel of over 30 various lenders. This allows us to find the right lenders for our clients needs.
Call us for an obligation free consultation
If you’re planning to by another property, and want to get cash out for a deposit, call Bee Finance Savvy for an obligation free consultation. Our friendly broker Desiree will provide you with a comprehensive analysis of your situation, and will then discuss your options with you.
To find out more, call or text Desiree on 0455 131 937 or 1300 140 554. Desiree can also be reached at firstname.lastname@example.org . Alternatively, you can fill out the contact us form on this site.